The Number One Factor in Buying a Short Sale Home

When you're looking for a new home, you may be wondering about buying a short sale home or a foreclosure home.

There are some good deals and great prices on these type of homes.

If there is any secret to buying a short sale home, this is it:

The Number One Factor in Buying a Short Sale Home is TIME.

You need to be willing to wait for a response from the bank for your short sale offer.

It is not uncommon to wait 90 to 120 days before receiving bank approval on a short sale offer. After the bank short sale approval is received, you typically must close within 30 days from the short sale approval.

As a buyer, you need flexibility in your moving date. Perhaps you are renting somewhere that will give you a month to month lease. Or you may be able to stay with family or friends until the deal is approved and closed.

There is a difference between buying a short sale home and a bank owned foreclosure home. If the home you are interested in is already owned by the bank, you can usually work out a 30 to 45 day closing date. And you should be able to receive a response from the bank, an acceptance or a counter offer, within 7 to 14 business days.

Jim Starwalt

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Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

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