Helena Talbot’s blog - The Pros And Cons Of Buying A Short Sale

Before we begin, let's define the term short sale.  What exactly is a short sale?  A short sale is when a seller attempts to sell their home for less than they owe.  The seller will then submit the offer to their lender. If the lender agrees to accept the negotiated offer,  this is now considered a short sale. 
Before buying a short sale, you will need to do enough due diligence to educate yourself on how a short sale works in an effort to determine if a short sale is right for you. 

The Pros And Cons Of Buying A Short Sale

Pros:
• A short sale will usually save you up to 10% below the current market value. 
• A buyer  has some disclosure protections on a short sale home.  When you buy a foreclosure, the bank will not provide you with a home disclosure report.  However, when you buy a short sale, you should receive a home disclosure report.
• A short sale is usually in better condition than a foreclosure.  Most foreclosures have been sitting vacant for six months or quite possibly for years.  A home that has been sitting vacant  will generally require more repairs due to the home being neglected for long periods of time. 

Cons:

• A short sale can take from 30 days to six months or more to complete the entire process depending on the issues that are involved with all of the participating parties.  Therefore, you will need to have the time and flexibility that is required when buying a short sale.
• Once your offer has been accepted by the seller, it will still have to be approved by the lender.
• Even if your offer was accepted, sometimes the seller may still be receiving other offers .
• If the seller didn't make an agreement with the lender to forgive the balance, the buyer could receive a deficiency judgment from the lender after the closing.
• If the lender does forgive the balance, the buyer could still be liable for the property tax  on the unpaid balance.

If you're thinking about buying a short sale home, consider using a realtor that has experience in dealing  with the short sale processes and one who knows what is required in order to buy a short sale.    Otherwise,  after many months of struggle, you may find yourself without the home you were trying to purchase.  Now you have to start the process all over again.  

Buying a short sale is not something you want to learn as you go.  So talk with your realtor about the pros and cons of buying a short sale.  He has  years of experience and will be a valuable resource in helping you decide if buying a short sale is right for you.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.  I am experienced in listing and selling short sales.  

For information on the short sale process, please visit  www.LoudounShortSaleSolutions.com.

For a free market analysis on the value of your home, please visit http://www.LoudounHomeValues.com

My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.  I am a member of the Top 5 in Real Estate Network.

I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker- Licensed in Virginia. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William  Counties.  Our local neighborhoods includeLeesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.                        Cell 703.727.9885    Office 703.574.3800

Free iPhone/Android Mobile App to search Northern Virginia real estate.  2 easy ways to get the App:  Text “Exit9” to 87778 or enter http://87778.mobi/Exit9 into your browser.