Friday, April 8, 2011

What Makes a Good (or Bad) Short Sale Buyer in Santa Clara County

Not everyone is cut out to be a short sale buyer. It is a long, and sometimes frustrating process. It is not for everyone. so how do you know what makes for a good short sale buyer, one who will stick it out for the duration and be committed to the process. Here are some attributes I think contribute to being a good short sale buyer:

1.  Really want the house, not just make an offer because it is a short sale so probably a "good deal"  It is difficult for the seller and listing agent to really access the buyer's motivation, but if you are a buyer trying to get a good investment property or a home it is a waste of your time and the seller's to make offers on homes you really do not want and are not willing to fight for.
2.  Does not have a problem with authority.  When you are involved in a short sale you have to do what the bank asks you to do. If you don't, the sale will not be completed. If you are a control freak and do not like to be told what to do, do not try to buy a short sale.
3. Is not in  a hurry. If you have a loan rate that is expiring in 30 days and you can not afford or do not want to pay an interest rate that is any higher than the approval rate do not make an offer of a short sale. Even "approved" short sales can take months so if you are in a hurry buy form a traditional seller.
4. Does not expect a house to be in perfect condition. short sales have to be sold "As-Is." the bank is agreeing to take a loss on the loan but will not pay for repairs. Do not expect them to.
5. Be ok with your price. Do not think you can negotiate a lower price once you are in contract, even if you find repairs are needed. The lender or investor may be willing to negotiate, but they often will not.

These are not the only attributes that make for a good short sale buyer, but they certainly are important.

If you have any questions about buying or selling a Santa Clara County or San Mateo County Short Sale please feel free to contact me.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194
Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

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