Short Sales Can Be Frustrating!!!

Just wanted to send a little post out telling about my current experience with a short sale that I am working on. The owner is now Bank of America, who recently bought out Countrywide (Link). I brought a buyer who was willing, ready and able to purchase. We submitted an offer that was very close to asking and we submitted a pre-qualification letter with our offer. Three months later, we have still not heard from the seller. They keep telling the listing agent to call back later. Fortunately, my buyers are being patient. They understand that in order to get this particular deal, they may be waiting for 3 more months.

Are short sales a good deal? They can be, if you are patient. In my experience, you'll need to wait several months to close on a short sale deal. If you have that kind of time, then you can get a deal. If you don't have 3-5 months to wait for a deal, you can always search for homes that are short sales, but already have a bank approved short sale price. Usually, this price has come about because somebody else did the initial waiting and then the contract fell through...but the price got approved.

Another way to get some really good deals in a fairly quick turnaround time is by buying a bank owned home. Banks will usually respond to these offers in around 3 business days. If you decide you want to make an offer on a bank owned home you will definitely need one of the following:

1.) Pre-Qualification from your lender. (If Financed)

2.) Proof of liquid funds from your bank (If Cash)

If you are looking for a short sale or bank owned home in the following cities: Clermont, Minneola, Groveland, Mascotte, Montverde, Oakland, Winter Garden, Windemere or Ocoee, give me a call. I'd love to help you out, whether you are looking to purchase as your residence or just purchase for an investment.

Johnny Davis

Broker/Owner

Davis Signature Realty LLC

www.iselllakecounty.com