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Why should I avoid a short sale? Is it so bad that even the lower numbers aren't enough to buy them?

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Eril

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I am a newbie, but it seems either sides of the deal are willing to execute those sales. After a title insurance, and maybe a couple of months of more wait, aren't them a good way to go? Is there more than meets the eye (I guess it's a "Yes")? Or, is a foreclosure property easier, and safer to go with (than a short sale)?
I know, neither condition performing would be the best, but how about those?
Thank you, Eril.
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October 30 - West Palm Beach
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Craig Fialkowski GRI ,CDPE, "craigfial"

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Eril,
Before you make any final decisions, please download my FREE report Short-sale vs. Foreclosure. It will answer all of you questions and allow you to make the best decision for you and your family.

If you have any questions, please give me a call.

Craig Fialkowski GRI, CDPE
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October 31
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Cindy LaPeer, "cindylapeer"

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I agree w/friendship properties... realtor experience is the key to success in short sales.
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October 31
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Roberto Ribas, "azrob"

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craig: if you could READ,you would know the question is about BUYING a short sale, not doing one on a home you own...

Then again, if you could read, you wouldn't be violating zillow's no self promotion policy...
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October 31
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FriendshipProperties

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I buy and sell Short Sales often with great success.  The most important thing is to make sure the sellers agent understands how to even do a short sale properly.  If the purchase offer falls with-in 85% or greater of the banks 'As Is in 30 days' BPO or Appraisal .. it has a very very good chance of being accepted.
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October 30
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Tyler Echelbarger, "Tyler Ech"

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They are a "time" death trap and honestly you do not get any better of a deal than you would with a bank owned or REO property.  2-3 months before you get an answer back form a national bank (local banks are much better to deal with but are still difficult).  In our office, only about 10-15% of short sales close for a wide variety of reasons.  I will not show my clients short sales...if they are completely set on a property, I will refer them to another agent....that is how likely they are to close.  Of the half dozen short sales I have written up, zero have closed and my buyers are left angry and heartbroken...not to mention they missed out on a bunch of other homes in that 2-3 month time period.  Bank owned or REO sales are fine, in short, those homes have already gone through the full foreclosure process and can be sold in roughly 30 days with clear title.
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October 30
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Cindy LaPeer, "cindylapeer"

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I tell my buyers not to get their hearts set on them, expect a lengthy process w/few updates, and it isn't over until the bank has signed off on the short sale after you sign the docs at closing. I have done numerous short sales from the sellers' side and I can tell you that short sales are unpredictable at best. The shortest (timewise) short sale I ever facilitated took about 6 weeks, but the seller had not fallen behind in payments when we started the process, She just knew she couldn't make any more payments b/c of a change in employment. The buyers got a heck of a deal, too! So, if you don't mind the risk/wait, it may be worth it to you, but don't stop looking at other properties while you are waiting.
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October 30
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White Picture

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The reasons to avoid the short sales are:
* if the home prices go down, you better off make the offer on another house then keep the short sale offer because the new price must cheaper than the price you offered on the short sale for many months ago.

* If the home prices are flat, you had to compete with the other buyers.

 * if the home prices go up, the bank better off selects the new offers with higher price then picks your lower price offer.

If I were you, I am going with the foreclosures.
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October 30
 

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