Some Words of Advice to Short Sale Buyers

Homebuyers who choose to take advantage of the perks associated with the purchase of short sale property should accept from the very start the entire process can be one long ordeal. Why, because, at the end of the day, it is the lender who has the final say.

Be that as it may, it does not mean you cannot control the other aspects of the short sale buying process. But in this case, taking control does not mean doing the job of the short sale Realtor or annoying the seller with repeated phone calls. It simply involves getting involved.

It would not hurt to express your intention to help out. If you have a strong financial background, you can even lend your expertise in the preparation of the financial documents or even the hardship letter. If you want, you can focus instead on your reaction to the lender response. For instance, if the lender approves the short sale, you should be ready to move into your new home. As you know, moving can be quite an ordeal so you need to be sure you are prepared for this.

You also need to be ready if the lender makes a counter offer or decides to approve the proposal on the condition they will not waive the deficiency judgment and ask the seller to contribute. If the seller decides to walk away because of this, you may be looking elswhere. Of course, there is also the chance the lender will flat out reject the proposal. In this case, you need to have a back-up plan a well.

As a buyer, you may be surprised at the myriad of things you need to consider and think about. It is the only way you do not get caught unaware like a deer in headlights. Talk to the seller or the Realtor if you have concerns. Being open about any issues you might have will help you deal with them more effectively.