West Pasco Real Estate Blog

Lots of short sales out there right now.  Gets a Seller out of a house that they're upside down on gets a Buyer into a good deal.  But there are some things people should be aware of:

If you're a seller:  You will need to provide financial information to the lender, along with a breakdown of your monthly budget, pay stubs, and various other information that they may require.

If you're a buyer:  You'll need to be patient when submitting an offer.  The lenders operate on their own time table, it could be a few days to several weeks before a response is obtained and because it is a short sale, the lender is calling all the shots.  The seller basically signs off on your offer immediately and the offer gets forwarded to the Lender for their approval.

You should also expect that your "short sale" purchase will need some work, and well be sold "as is".  For those of you unaware what an "as is" sale means, it simply means that the seller and/or lender are not going to pay for repairs.  You, as the buyer, still have the right to inspect and can decide if you are in agreement with taking the property with it's "defects". 

A short sale can be a great deal but you do need an agent who is well versed in the requirements of short sale properties.  Call us if you have any other questions or post here, and we'll be happy to provide what answers we can. =)