In Portland the real estate market is flooded with houses that are listed as Short Sales. I keep defining this term because it is contrary to what most think it is: A Short Sale is when a property is for sale for less than the owners owe on the mortgage. The issue with them is that the lender who has the mortgage has to approve the sale price, and that can take months! How do you know, as a buyer, if you are a good candidate to being looking at and possible buying a Short Sale property? Answer these following questions to find out!
1. Are you in a position to wait for the lender's approval?
2. Do you have a home to sell before you can purchase a new one?
3. Will you follow your Realtor's counsel regarding, among other things, market value and contract contingencies?
4. Do you understand that the lender will make the final call on price and terms?
5. Are you interested in flipping the property? If so, are you prepared to to perform more due diligence?
6. Are you willing to consult an attorney regarding any issues with the short sale?
If you answered YES to 1, 3, 4, and 6, and NO to 2 and 5, then you are a good candidate for a short sale. If you answered NO on any of 1, 3 ,4 or 6, or YES to 2 or 5, then you are not in a good position to even consider looking at Short Sales. If you have any deadline then run, not walk, away from Short Sales!
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