SHORT SALES & Foreclosures Know your options
Short Sales for home owners can be difficult because of the time it takes from the execution of the contract until the sales is actually closed, it can range from 90 to 120 days or even more. The banks are overwhelmed by short sale files and financial regulations continue to change, which can complicate closing the file out. The plus for home owners, it saves can save the home owner’s credit from foreclosure and possible bankruptcy. Fannie Mae has a website I recently found http://www.knowyouroptions.com/ . The website provides resource for home owners to navigate the short sale process.
The plus for buyers, unlike foreclosures, short sales can have the current owners living in the property ensuring maintenance is kept up. You will also receive a seller’s disclosure on the property, you will not receive this from the bank, they are not required to provide a sellers disclosure. Pricing of the home is based on current market value or even slighting under market value; banks are becoming more sophisticated about appraisals and making sure they are getting fair market value.
Last thing, make sure you work with a realtor like me who specializes in short sales in purchasing or selling your home and has access to all teh current information and the rprocess to get from start to close.