The Whys and Why nots of Buying a Naperville Short Sale

I was called by a new customer the other day. He had found my name on Google, and was excited to begin his home search...

He was preapproved, highly motivated, and wanted to look at homes as soon as possible.

After asking for specifics on the type of home he was looking for, I asked him "Would you like to see short sale listings as well?"

"Can you tell me why and why not?" he answered.

"No problem," I said.

"Why?" buy a Naperville Short Sale?

Price. Bottom line, you can get more home for the money when looking at short sales. In order to entice buyers for a short sale listing, the homes generally will be priced about 10% below the rest of the market.
With median home prices in Naperville around $370,000, that $37,000 difference offers plenty of incentive for the proper buyer.

"Why not?" buy a Naperville Short Sale

1. Condition
   In my experience, sellers of short sale listings are generally not as motivated as sellers of regular listings. It is the end to a painful experience for them. A relief because it is over, but usually not a happy time. They also have no $ motivation, since they won't be leaving the closing table with a check.
   Homes in short sale are generally not in perfect "showing condition". They often have missing appliances, dirty carpet, and often need painting. It can be difficult to schedule showings, as well.
   The homes are usually sold "as is" and the bank will generally not provide a survey.
   
   
2. Uncertainty
   When you agree to terms with a seller, it isn't time for celebration. Lots of hurdles remain between you and the closing table. Depending on various issues (most notably the experience of the listing team handling short sales), your odds of actually owning the home are never certain.
   
   
3. Time
   Short sale purchases take time. If you have an absolute deadline when you need to move, then a short sale isn't for you. The process is speeding up, but you can never be certain how long the purchase of a short sale will take.
   
   

So, if you are looking for a home with a little hidden equity, and if you aren't on a tight moving schedule, then a Naperville short sale purchase might be for you....

Ken