Buying a Short Sale Property
Purchasing a Denver Short Sale Property
Purchasing a short sale home is one way you can get a good deal on Denver-area real estate, but it’s not always so cut and dry. Finding a great home on short sale and placing a bid that will be acceptable to the seller and the lender can be a complicated and drawn-out process. If you decide to bid on a Denver short sale home, here are some things to keep in mind:
Is It Worth It? Short sale transactions can be complicated and generally take much longer than standard purchases. Make sure you’re getting a good enough deal to justify the extra time and energy.
Make sure the bank has already approved the short sale. The seller usually has to be in default, owe more than the home is worth, and be experiencing some kind of hardship.
Unlike in a normal transaction, your bid has to be accepted not only by the seller but also his or her lender. Banks will take their time looking out for their interests, so you’ll have to be patient. The bank may take several months to accept or decline the offer. If you need a house in a hurry, a short sale property might not be the way to go.
Be prepared to raise your offer. Sellers may try to haggle up your bid to make it more appealing to the lender. Sometimes the bank will make a counteroffer, if they don’t reject your offer outright.
Please contact us if you have any questions or to request a free consultation about a Denver Co. Short Sale or any Real Estate Transaction. 303-955-4220