We want to buy a short sale?

We want to buy a short sale. I hear this almost everyday from buyers because they are going to save money if they go this route. The short sale process can be long and frustrating and is not for everyone. The average processing time for a short sale is about 3 months give or take 3 months ( just kidding but not really). The short sale process differs by what bank the loan is held with. You can have a deal that is approved in a month or in 6 months and for this reason a short sale is not for everyone. I know in the beginning when you place the below asking offer in your head you have the patience to wait. As the time wears on this patience turns into frustration and you second guess your decision. Two months have gone by and you want to get out of the deal because of the timing. Now you have most likely already ordered a home inspection, put in a full mortgage application and sat on the sidelines for 2 months. In this time, housing prices could have went up, interest rates, could have went up, and a house that you had interest in could have came and gone. These are things that you must consider when making a decision to buy a short sale. Unless you really do have the time and patience a short sale may look all rosey from outside the process but once you enter you see how time consuming and stressful the process really is. I am in no way telling you to avoid putting an offer in on one (as I have a couple listed myself) but just want you to be realistic when thinking about buying one.

Thanks,
Century 21 Advantage Gold
Brian M. Yoak
office:215-887-4653 x1318
cell:267-303-7380
phillyrealtor@century21.com
www.facebook.com/philadelphiarealtor