Are short sales really worth the headache and long waiting before approval?

I am looking at a home in Incline Village in the Jennifer Area and it's not a short sale and it's priced well...should I wait, or snap it up...I would like a single family home...the short sales seem like a deal but not worth the wait time...help?
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June 23 2009 - Incline Village-Crystal Bay
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Answers (3)

If you thing it is worth buying, then buy it, because another buyer is going to buy it.
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June 23 2009
If there is buyer agency in your area, I would recommend  engaging the services of an experienced Realtor to work on your behalf.  Your buyer agent can give you a market analysis on the property you are considering which should include 3-5 comparable homes that have sold in the last 6 months as well as a market overview and a list of short sale properties.  Many short sales are listed with Realtors.  
Currently interest rates are still very low.  If you haven't been preapproved already talk to a mortgage banker and get preapproved for a fixed rate mortgage.  The economy is cyclical and we are due for interest rate inflation.
This market represents the opportunity to lock in your housing costs so long as you buy a property in good condition and with a fixed mortgage rate.  Avoid ARMs (Adjustable rate mortgage)s at all costs-
All the best-
Margaret Shea, e-PRO, CDPE
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June 23 2009
Short sales require time and patience. Lots of patience.

If you are in a situation where time is of the essence (renting and lease is coming due, own home is on the market and might sell) I would discourage you from looking at short sales. Plus short sales may have deferred maintenance, which you will have to pay for, because the owners have no money. The worst part about short sales is you have to have permission from both the homeowner and the bank to have a deal done.

You may want to consider foreclosed homes, which are a little easier to deal on but if it's anything good, it sells fast and for multiple offers. Plus many foreclosed homes have problems.

Last time I checked, only one of three short sales ever complete the closing process.
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June 23 2009
 
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Are short sales really worth the headache and long waiting before approval?
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June 23 2009 | 3 answers
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