Looking to buy a short sale in Gwinnett County? We sell a lot of short sales. But short sales are not for everyone. While short sales can be a great deal in today’s market, they can be frustrating if you are not fully prepared on what to expect. So we wanted to take a few minutes to review when you shouldn’t look at a short sale.
If you meet any of the criteria below, you may not want to buy a short sale in Gwinnett County.
- If you need a quick answer. Banks take a long time to make a decision. If you need to be in an answer within a specific time frame or you need to be in a home by a specific date, then you should a short sale.
- If you don’t have any money. Most short sales will require that the buyer contribute some funds to make sure that the home can close. Examples of where you may need funds are for repairs, down payment, or closing costs. Remember that the bank is agreeing to release the seller from a large balance and therefore they typically are not going to have additional funds for you.
- If you expect to get a large discount and then feel like you want to further negotiate. The bank is going to tell you what they will or won’t accept. So, if you you want to further negotiate, you may be better off with a traditional seller. The bank will get close to fair market value for the home.
- If you are easily frustrated and want quick answers to your questions, this process is not for you.
Short sales are still the “Wild West” of real estate. We have seen a lot of different things happen when a seller wants to short sale their home. Remember that a short sale is when the seller is asking the lender to take less than the balance is owed on the home. Hence the lender comes up short or “takes it in the shorts”. I think the biggest issue that people forget is that no two short sales are the same. What a lender did for one borrower (Seller) may be totally different for another borrower. There are a lot of factors that go into the lender’s decision to short sale or not. The seller is not in control of the process, the lender is.
So to answer if you should buy a short sale in Gwinnett County, you need to know the facts before you look. You have to have plenty of time to allow the process to take place. Typically 6 months or more and even then, understand that the home may still not work out. Work with a professional agent who has had success with short sales- helping people selling & buying short sales. They can help guide you as to the process, helping position your offer to the bank, and work through the short sale process. However, even with all of that, you still may not get the home.