Profile picture for crob si

Is it a good idea for a buyer to consider short sale properties if in order to buy the replacement..

Is it a good idea for a buyer to consider short sale properties as potential replacement properties if, in order to buy the replacement home, he has to sell his current home. It seem that due to the time frame and the complications of short sales that this would not be a good idea. I am rephrasing this question as I received an answer in which it was misunderstood that the subject (Seller) is forced to do a short sale. This is not the case. Thank you.
  • November 26 2013 - Houston
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Answers (4)

Profile picture for Ali Qureshi
If I get you're question right, after you sell your house its entirely up to you to either buy a regular sale or a short sale. The issue with when buying a short sale property is the time involved in the transaction. I have seen some short sales close in as little as 2 months and some lasting over a year. There are so many variables involved in the entire short sale process that it is not always safe to rely only on them. 
  • November 26 2013
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Let me see if I get this right.  You are wondering whether the option of purchasing a short is feasible, if you still have to sell your home first.
If that is your question, first of all understand that short sales, are frustrating, take a long time and they do not always end up right.  There is little flexibility with those lenders, once the short sale is approved you have a certain amount of days to closing.  What you can do, is to sell your home first and if necessary rent during the time of the short sale.  Honestly, I would not bother with short sales, they are a headache!!
  • November 26 2013
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Profile picture for Kim Peterson
I am not 100% certain that I understand the question.  But if you are asking if you can buy a short sale property while also needing to sell a property the answer is usually not.  One time in my career, I was able to get a written offer accepted by the bank (my listing - lets call this property A) and the buyers had a home to sell (property B). So that buyer also listed their home with me (property B). We wrote the offer for property A at a higher price because we knew it would take a longer time to close on property B.  It all came together and we got the offer on property B the WEEK that we needed to for it all to come together.  There was a lot of extra coordination that needed to be done but we got it done.  So it can be done if everything falls into place exactly right.  But the majority of banks will not consider a home sale contingency.  I hope that answers the question and I apologize if I misunderstood!
  • November 26 2013
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Profile picture for wetdawgs
It would be very helpful to those responding with free advice if you would clarify on the original thread rather than starting a new thread.

Shorts sales do not have predictable timelines for closing, so if that is important to you, you may wish to avoid them.
  • November 26 2013
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