Buyers – Are you Considering a Short Sale? Please Read This.

A short sale is a bit different from a typical real estate transaction and can offer some great benefits.  Here are a few things buyers should know so they understand how short sales differ from the standard home sale.- In a recent blog we reported that the government is adding incentives to speed up the short sale process. However, they can still be more time consuming than normal transactions.  At Torelli Realty, we put pressure on the lenders to help speed up the deal and we have closed 100% of our short sales.-It’s ok for buyers to put an offer in on another home while waiting for the lender to respond.  Although we work hard to get an answer in a timely manner, the option to keep looking for a home is still available.  This means that buyers are free to drop out of escrow if they find another home.-Be prepared to share financial information.  The lender is going to want as much financial information as possible to ensure that the buyer will be able to make the payments.  Since the lender has taken a hit once, they want to make sure that the new buyer will be qualified and capable of making the payment.  The bottom line - lenders need to be confident about the buyer.-Short sales offer buyers a chance to get a home at a discount.   With so many short sales on the market now, it makes sense to consider buying one.According to a report in Realty Times, one of the best things buyers can do when considering a short sale is to team up with agents who are familiar with the process.  Please check out our website and email or call us for more information about our short sale listings.