You may think buying a short sale is a good deal and many times it can be a good option. Short sales can also be fraught with complications and often can easily fall apart. Here is a list of things to be aware of so your short sale doesn’t become a long shot.
• When a house is placed for sale as a short sale the owner doesn’t always have the authority to sell the house at the advertised price. The owner hopes the bank will accept that price as a short sale.
• The negotiating process is far different than a regular sale. You often will first negotiate with a seller but remember the bank has the final say-so.
• You are making an offer to purchase blind because many lenders will not even discuss a short sale with a seller until a purchase contract is in place. There is no guarantee the lender will even accept a short-sale offer.
• Short sales often are not short at all. They can be long, drawn-out affairs. Be prepared for it to take months.
• Even though the lender may have taken their time on the short sale approval, once approved the lender often require the sale to close within a short period of time.
Due to the way many short sales happen, a buyer may have to put out money for a home inspection, appraisal, credit report and application fees paid to their lender and the sale may not even happen. So while short sales can often be a good deal they can also be a long shot. Take your time, do your research and be sure to work with a real estate professional to help guide you through the potential pitfalls of a short sale.
This Condo in Somerville, MA recently sold for $435,000.
This is a 2/3 Family style home and features 4 total rooms, 1 full bath, 1 bedroom, and was sold by
Terrie Hayden – RE/MAX Destiny
Cambridge MA Real EstateCambridge, MA - $539,900 - Condo - Other - Rooms:3 - Beds:1 - Baths:1/135 minutes agoCambridge, MA - $549,900 - Condo - Townhouse - Rooms:5 - Beds:2 - Baths:21 hour agoCambridge, MA - $318,000 - Condo - 2/3 Family - Rooms:4 - Beds:2 - Baths:11 hour agoCambridge, MA - $5,500 - Rentals - - Rooms:7 - Beds:3 - Baths:2/12 hours agoCambridge, MA - $1,500 - Rentals - - Rooms:2 - Beds:1 - Baths:13 hours ago
Somerville MA Real EstateSomerville, MA - $2,000 - Rentals - - Rooms:6 - Beds:3 - Baths:154 minutes agoSomerville, MA - $399,900 - Condo - 2/3 Family - Rooms:5 - Beds:2 - Baths:11 hour agoSomerville, MA - $2,000 - Rentals - - Rooms:5 - Beds:2 - Baths:13 hours agoSomerville, MA - $409,900 - Condo - Mid-Rise - Rooms:4 - Beds:2 - Baths:13 hours agoSomerville, MA - $729,000 - Multi-Family - Units:2 - Levels:3 - Parking Spaces:56 hours ago
Arlington MA Real EstateArlington, MA - $308,000 - Condo - Garden - Rooms:4 - Beds:1 - Baths:1Arlington, MA - $499,000 - Single-Family - Ranch - Rooms:9 - Beds:3 - Baths:2Arlington, MA - $769,000 - Multi-Family - Units:2 - Levels:3 - Parking Spaces:8Arlington, MA - $639,000 - Single-Family - Antique, Farmhouse - Rooms:4 - Beds:2 - Baths:2Arlington, MA - $2,600 - Rentals - - Rooms:7 - Beds:4 - Baths:2
- Buying a Home
- Cambridge MA Real Estate
- Cambridge, MA 02139
- Green Living
- Harvard Square
- Help Around the House
- Home Buyer's Information
- Home Design
- Home Improvement Tips
- Home Improvements
- How's The Market
- Inman Square
- Market Trends
- Money Saving Tips
- Moving Checklist
- Moving Tips
- Open Houses
- RE/MAX News and Tips
- Real estate
- Real Estate Financing
- Real EState For Sale
- Selling Your Home
- Somerville MA Real Estate
- Somerville, MA 02143
- Somerville, MA 02145
- Somerville, MA 02145
- Somerville, MA 02145
- Special Real Estate Situations
- Tax Information
- To Your Health
- Union Square
- How Delivery Drones Could Monitor Their Own Health August 27, 2014The day when people can order products online and have them delivered by a drone may not be far off. […]
- Call for questions: What shall we ask Leland Cheung, Stephen Kerrigan ... August 27, 2014On Friday, Aug. 29, the candidates will take their messages to the voters in a taped, televised forum at the studios of MassLive.com media partner CBS 3 Springfield. […]
- The Remembrance Project: Fan Yin Lee August 27, 2014Fan Yin Lee died March 9 in Cambridge, Massachusetts. He was 88 years old. In Chinese phonetics, "eight" is pronounced much the same as "prosperity." […]
- How Delivery Drones Could Monitor Their Own Health August 27, 2014
- Melrose Man Charged with Shoplifting, Assault and Battery in Somerville August 26, 2014A 36-year-old Melrose man allegedly shoplifted eight door hasps and two boxes of heavy-duty staples from the Somerville Home Depot on Mystic Avenue Thursday, Aug. 21, and pushed a loss-prevention employee to get away. […]
- Partners HealthCare Reaches Payment Agreement With Somerville August 26, 2014Partners HealthCare has reached an agreement with the city of Somerville to make annual municipal services payments for offices it plans to build in Assembly Square. […]
- Somerville's Ikea Way To Nowhere August 26, 2014On Somerville's McGrath Highway, between a used car lot's waving purple gorilla mascot and Chester Avenue, you'll find a sign pointing drivers to Assembly Square and Ikea Way. […]
- Melrose Man Charged with Shoplifting, Assault and Battery in Somerville August 26, 2014
- Running with Friends 5K in Arlington on Sunday, Sept. 7 August 26, 2014Where?: Start: Arlington Town Hall, 730 Mass. Ave. Finish: Arlington Senior Center, 27 Maple St. . […]
- Libby Morse, 102 August 26, 2014Libby Morse, 102, of Deerfield Beach, FL, formerly of North Dartmouth, passed away on August 24, 2014 after a long illness. […]
- a Toh Veteran Brings It Home to His Own Kitchen August 26, 2014Sign up today for our FREE e-mail newsletters and get helpful tips and timely article links delivered to your e-mail inbox. […]
- Running with Friends 5K in Arlington on Sunday, Sept. 7 August 26, 2014