Short Sales are a good opportunity to get a well priced, if not even a discounted property. However, as we all know they can take months of negotiations and there is no guarantee the bank will accept your offer. I had initially thought this might be a good way to go since I am in no rush. Charlie won’t be starting school for years and we love where we are for the most part (A real yard would be amazing tho).
Well it turns out given the market here on the Eastside, especially in the areas I am looking there is in an upward trend in home prices and if I offer on a short sale and then it falls through the market could be quite different than it is today. Also, given my FHA loan I am not the most attractive buyer to a seller and that is true even when the seller is a bank.
It’s not that a short sale is off the table, it would just have to be a dream house to take the risk. A good example of how long it can take is this house. This went on the market long before I was ready to buy, April, and then went pending, came back on the market and has been pending since May. It is an amazing price (i’m sure it will sell for well over asking), a great neighborhood and a duplex, but in the time its been pending the market has totally heated up. That said, it was pretty great and had I been ready this is one I would have taken a risk on.