Emmett Short Sales
A typical short sale is complex and entails many different steps. That's why Hughes Group is here to assist you throughout the buying process, ensuring you the best possible service imaginable.
Emmett Real Estate - Buying a Short Sale
Any real estate sale where the proceeds of the property fall short of the balance due is considered a short sale. Often banks will accept less than what is owed, and savings for the buyer are common. There are several components to a short sale, and it is necessary to be educated and to pair up with an experienced agent before you delve into a short sale transaction.
Short sales are not for the faint of heart. But given the right amount of patience and perseverance, you can be the owner of that Emmett home that caught your attention. Read on for some reasons why a short sale can be a benefit to a home buyer.
Buyers can score an excellent price on a short sale. If you as the buyer are willing to do some work on the house, as often they are fixer-upper properties, you can really benefit with a resale turnaround.
Flexible Financing Terms
The lender isn't eager to hold onto short sale properties. An empty property owned by the bank is a cost to the bank, as they are responsible for maintaining the home until it's sold. Lenders can offer prospective buyers with favorable financing terms to get the property sold. Think lower interest rates and other discounted buyer terms.
Short sales involve multiple steps from both the homeowner who applied for short sale approval, the lender, the prospective buyer, and the real estate agent. The seller will need to accept your offer, after which time the agent will provide the bank with a number of items, such as a listing agreement, purchase offer, a letter of preapproval and some items from the seller.
A buyer may have to wait a long time before they hear back from the bank. Patience is key in a short sale transaction. Some can get approval in under 8 weeks, or as long as 17. It's important to be aware of the lengthy time process involved in short sales. However, there are lenders out there who are working on making the short sale transaction less tedious and lengthy.