Bob Vila Radio: Buying Short Sales

Lots of home-buyers look for “short sales”, because on the surface, they can seem like a bargain.

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Listen to BOB VILA ON BUYING SHORT SALES, or read text below:

Lots of home-buyers look for “short sales”, because on the surface, they can seem like a bargain.

A good buyer’s agent who specializes in distressed properties will explain what a short sale really is before taking you out to see any. Short sales get their name from the shortfall between what the homeowner still owes and what their property is now worth.

There’s actually nothing short about the process at all, since the lender has to review all of the seller’s financial info and agree to accept less than what’s owed, and then approve the sale, before it can close. Because so many homeowners are in this “upside down” position, the backlog at the bank can mean a months-long, often very frustrating wait before the buyer and seller know they have a deal. Double that if there’s more than one mortgage. lowball offers may not be approved at all, so deep discounts are hard to find.

Short sales are a good way for sellers to avoid foreclosure, but they’re only for extremely patient buyers without hard deadlines for moving.

Get more info at BobVila.com… and right here at home with me, Bob Vila!

Bob Vila Radio is a newly launched daily radio spot carried on more than 60 stations around the country (and growing). You can get your daily dose here, by listening to—or reading—Bob’s 60-second home improvement radio tip of the day. 

For more on buying a house, consider:

House-Choosing Checklist
Should Your First Home be a Fixer-Upper?
Buying a Historic Home