During my work as a real estate agent in Westfield, MA and the surrounding areas of Western MA I run into a lot of discussion about short sales.
There are some things to consider when shopping for a new home and thinking about whether or not you should look at short sales.
Who SHOULD buy short sale property?
People who don’t have a hard and fast time-line can be great candidates for short sale purchases. They can exchange their ability to give time and patience for instant equity on a below market priced property.
People who are not emotionally involved might be perfect buyers for short sale properties. Investors who are looking to gain a financial edge can make out in this arena.
People who won’t be impacted by the loss of some of their cash outlay (inspections, application fees, etc).
Who Should NOT buy Short Sales:
First time home buyers hoping to get the tax credit should NOT be placing bids on short sales. Short sales can drag on for MONTHS.
People who are tight on cash for their purchase should not be looking at short sales. It is entirely feasible that you could spend thousands of dollars on the purchase expenses only to find out five months later that this whole thing isn’t working out.
If you are a buyer or seller in Western Massachusetts who has questions about the short sale process, please get in touch.
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Great advice, for short sales- but most can be applied to estate sales and REO too, if you have deeper pockets.
Trading time for equity!