General Question

arthistorian's avatar

Anyone have experience purchasing a short-sale home?

Asked by arthistorian (39points) April 19th, 2009

First time buyer looking into a short-sale purchase, and curious to know how complicated it can get. I’ve read it may not even be worth it, but it seems like such a bargain on a great house! Any advice? I do have a realtor who is experienced in foreclosures.

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5 Answers

basp's avatar

We finanlized the sale on a home that was scheduled to be auctioned in three days.
Some tips: do your homework on the home, make sure you know what you are getting into. Check to see if there are any leins on the home, those will be your responsibility should you buy it. Have your financing all set up ahead of time.
Good luck.

basp (4811points)“Great Answer” (0points) Flag as…
massrealty's avatar

You need to realize that many short sales take an exceptionally long time to complete. Patience will be a virtue when purchasing a short sale.

massrealty (3points)“Great Answer” (0points) Flag as…
arthistorian's avatar

Actually, we just closed on our short sale on Tuesday. It took about a month, so not too bad.

arthistorian (39points)“Great Answer” (0points) Flag as…
rhetorician's avatar

I love art historian.

rhetorician (108points)“Great Answer” (0points) Flag as…
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