The benefits of buying a Winchester, Virginia short sale.

What are the benefits of buying a Winchester, Virginia short sale? Short sales do have their challenges, but with the right agent, a short sale can provide a great opportunity for any buyer. Some of the benefits and challenges of buying a short sale are:

• Short sales tend to be in better condition. Typically, the owners are still in the home. Just because they find themselves in a distressed situation doesn't mean they will start ignoring the needs of their property.
• Short sales tend to be priced at or below foreclosures. I recently closed a short sale that sold at 47% of the homeowners mortgage. That is a substantial discount for a new buyer.
• Short sales tend to take longer to be approved and closed than fair market or foreclosure properties. If time is of the essence, a short sale may not be for you. I've seen short sales take 9 months to get all through the process, but the trend is moving to shorter turnarounds. I've had them close within 2 weeks of contract, but I've averaged an approval to closing in the 60-90 day range.
• Short sale lenders must approve the purchase even if the homeowner has accepted the contract. So, the contract is not final without that third party approval.
• Short sale lenders rarely make any repairs or offer any assistance in a short sale. If you need closing cost help, this may not be the purchase for you.
• Short sales can be a great option if you have an experienced shor sale agent working with you. Contact Corrnerstone Business Group, Inc., to discuss your short sale options. This is a time where experience counts.

If you would like to buy, or if you need to sell your home through the short sale process, give us a call. There are benefits in buying a Winchester, Virginia short sale.