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Don’t Get Short With Short Sales – Look Harder

What a surprise…

short saleI have this amazing listing that is priced WAY below market value because it is a: dunh dunh dunh DAH…..Short Sale.

It gets shown twice to three times a day and the feedback is all good, yet no offers and why not?

Because it is a: dunh dunh dunh DAH…..Short Sale.

I get it. I respect it. I even advise some of my buyers that they shouldn’t look at short sales, but not ALL of them. Which brings me (in a round about fashion) to my actual point:

Who should (and should not) buy short sale properties?

Now remember, I am just a real estate wrangler, a maven of making people move, a REALTOR. I am not a magician, a wizard, a guru or even an expert. Just little ole me: schlepping my way through a pretty wonderful real estate career. So, take my advice with a grain of salt and argue some points wouldya? I mean, conversations should be INTERESTING…no?

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OK, I digress (again).

Who SHOULD buy short sale property?

People who don’t have a hard and fast time-line can be great candidates for short sale purchases. They can exchange their ability to give time and patience for instant equity on a below market priced property.

People who are not emotionally involved might be perfect buyers for short sale properties. Investors who are looking to gain a financial edge can make out in this arena.

People who won’t be impacted by the loss of some of their cash outlay (inspections, application fees, etc).

Who Should NOT buy Short Sales:

First time homebuyers hoping to get the tax credit should NOT be placing bids on short sales. Short sales can drag on for MONTHS.

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People who are tight on cash for their purchase should not be looking at short sales. It is entirely feasible that you could spend thousands of dollars on the purchase expenses only to find out five months later that this whole thing isn’t working out.

It is our job as agents to know which buyer we are working with and to counsel them accordingly. Don’t black list short sales for everyone, consider who you are working with and give the right advice for the unique situation.

Written By

Lesley offers 21 years experience in real estate, public speaking and training. Lesley has a degree in communications and was the recipient of an international award for coordinating media in real estate. In the course of her career Lesley has presented at international real estate conferences and state REALTOR associations, hosted a real estate television program, written articles for trade magazines and created marketing and PR plans for many individuals, companies and non-profits.

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