“Should I Buy an Albuquerque Short Sale House?” is the next video in my series of frequently asked questions for home buyers. Short sale homes are certainly not for everyone, but for some buyers who are looking for a good deal they may be a good option.
In this video I talk about what a short sale is, how it can take more time than a regular sale, and why someone might consider purchasing one.
“A lot of the homebuyers I work with want to know “will I show them short sale homes? I say absolutely! Short sales are a little more involved and in case you don’t know what they are, a short sale is where the owner of the house is trying to sell for ‘short’ of what they owe the bank, so there’s a whole additional step in the process. In a regular sale, once you find the right home, you make an offer to the seller, the seller signs it and you move towards closing. With a short sale, the seller has to turn around, take that offer that they’ve already signed send it to the bank to make sure the bank will accept the terms and sell for ‘short’ of what’s owed. It adds time to the process, so if you have a lease that’s coming up at the end of the month and you need to be in (your new home) it’s probably not a good decision to go look at the short sale homes. However, if you have some flexibility, it can be a great way to find a good deal on a home. And if you’re looking in a challenging price range, or in a neighborhood that only has short sale homes available, I say go and take a look, you might find just the right home, be able to get it at a discount, and sometimes these days the banks are coming back even faster (than they used to).”
Please check back next Monday morning for the next in this series of unscripted, unrehearsed videos based upon frequently asked home buyer questions.
-Special thanks to Travis Thom and Toni House Thom at Venture Realty for helping me with the logistics of my video project.