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Short sales: These disadvantages can weigh a sale down

While there may be some advantages to buying a short sale, there are definitely disadvantages to doing so as well. Short sales can save you money, but the process is long and can be drawn out for many months.

If you're planning to purchase a short sale as an investment property or would like to buy a fairly priced home of your own through the short-sale process, here are a few things to know.

First, you may not have your offer approved, and you may wait months to find out. In a normal sale, it's the owner of the property who decides if your offer is fair or not. In a short sale, the current owner isn't in charge of the sale. Instead, the mortgage lender is the one trying to obtain as much compensation as possible from the sale. That may mean that the lender won't accept what you believe is a fair price, because it believes the home has a higher value. Lenders don't like taking losses, so they'll want to get as much as possible. Be fair when you make an offer if you're truly interested in the property.

Another thing to know is that the lender doesn't have an obligation to respond at all. Some mortgage lenders might just reject your offer outright, or they may never give a response, leaving you wondering for months about the property's status. If the lender counters, you may be able to accept that counter offer, but don't expect it to be at a price so low that you'd want to accept it. The mortgage lender's goal is to get as much as possible, even if it seems too high for the area. Fortunately, the support of your attorney and real estate agent can help you support an offer you make, which could help you get the property you want to buy.

Source: The Balance, "7 Disadvantages of Buying a Short Sale," accessed Aug. 08, 2017

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