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What You Need to Know about Short Sales

By John Voket

In the previous segment, we looked at reasons to consider a short sale. But in this segment, we'll hear from Charlotte, N.C. REALTOR® Jon Widdifield about what you need to know if you're considering buying a short sale property in 2012:

1. The list price may not be the sales price; the bank may ask for more than the list price.

2. The bank makes the final decision, not the homeowner.

3. The home will typically be sold as is. If the homeowner does not have enough to pay the mortgage, they probably do not have enough to do repairs.

4. A short sale is not owned by the bank. However the bank must approve the sales price.

5. A short sale is not a short process; it can take several months to get to the closing table.

6. There will be bumps in the road when purchasing a short sale; you must be patient if you plan on purchasing one.

7. You can get really great deals on a short sale; just keep in mind it can be an arduous process.

8. Do not set your hear on a particular short sale until the deal is closed; the deal can fall through at any time.

9. Don't give up. The process is difficult but these homes do get sold. And most importantly, if you're considering transacting a short sale in 2012, Widdefield says...

10. Make sure you have an agent that is experienced in Short Sales. You need someone that knows what to do to get the deal closed.

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