What you Should Know Before Buying a Short Sale

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Thinking a short sale may be right for you?

It’s definitely possible – especially in a hot market like Denver.  Here we’ll give you the run down on what you can expect to make the process as seamless as possible.

  1. Know what you’re in for-
    Short sales aren’t especially daunting or challenging, but they are a bit different than traditional home sales. When you put in an offer, don’t start mentally moving in. Keep looking at other houses. It makes for a great surprise when and if your offer is accepted.
  2. Be patient-
    It can take anywhere from weeks to months for a short sale to be either rejected or accepted.
  3. Be ready to move quickly-
    Not only on putting in an offer (if you find a real contender, chances are someone else thinks so too), but also be ready to move when your offer is accepted by all parties.
  4. Be ready to work-
    Unfortunately, neglect can be common in short sales, and chances are better than great that the seller will never pay for any pending repairs. Expect to have to put work or money into your short sale.
  5. Consider selling-
    Even if you want to live in your house for a long time, it’s never a bad idea to think about selling it every once in a while. Because the price you paid for your short-sale home was probably depressed in more than one way, the value can escalate quicker than you expect and you may want to put that money towards a new home.

 

Ready to learn more about short sales and see what Denver has to offer? Give Metrowest a shout – we’d love to help.

Ken Blevins

About Ken Blevins

Ken Blevins, CEO of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 24 years of experience in collections, foreclosure/bankruptcy, loss mitigation and real estate disposition (REO). Blevins was an original co-founder of Metrowest in 2003, a Real Estate Brokerage and Services Company focused on the resale, recovery and liquidation of distressed real estate in Denver, Colorado and surrounding metros. Blevins assumed the role of CEO in January 2014 and provides strategic direction and has management accountability for the day-to-day operations. Under his direction, Blevins drives all default management operations to maximize asset value recovery and reduce loss severity through a strategy focused on customer service and state of the art technology. Blevins has 18 years of direct operational experience in all facets of REO Asset Management having managed large national REO Disposition contracts for Fannie Mae, Freddie Mac, Wells Fargo, JP Morgan Chase, CitiFinancial, GMAC Mortgage and other various financial institutions. Blevins specialties include REO asset management, real estate investment, bulk REO acquisitions and distressed asset recovery and liquidation, and he has directed the resolution and liquidation of over ten billion in institutionally-owned residential real estate.

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