Last year, I wrote a blog article about the process of buying a short sale. This has become one of the most popular items on my website, and I continue to help buyers through the surreal process of getting a great deal buying a short sale.
You can and should read that article now before continuing. Go ahead. I'll be here waiting.
Welcome back. Ready to move forward?
I want to add some additional information. The market is changing. There are fewer short sales on the market, as the economy imporves and home values are rising. But, overall inventory of available homes for sale is also tightening up to the point of strangling the market. Nearly every decent home is getting multiple offers. However, buyers are still shying away from short sales, so there could be strong opportunities there for buyers not looking to compete and get a good value. Though it still takes a lot of patience.
That last post gave you a bit of an idea what to expect. But, what exactly happens when you have an accepted offer on a short sale. Here are some slightly sarcastic thoughts on the next steps, from a buyer's point of view.
- Wait some more
- Wait a bit longer
- Realize how long you've been waiting
- Wonder if what you are waiting for is worth it
- Consider other properties
- Seriously consider the freewheeling lifestyle of homelessness rather than put up with the mortgage industry
- Finally get a response, but it is time to move in to an old age home.