Why shouldn’t you buy a short sale property in Williamsburg or Hampton Roads VA ?
Though there are many homes on the market listed as short sales, there are few people cut out to buy them. In fact, quite a few end up bailing out on the transaction before it is ratified and purchase something else. To help save you a lot of frustration, I have created a list of situations which should discourage you from purchasing a short sale….
1.You don’t have much hair. Well, you will end up losing a lot from stress or pulling it out !
2. You have to be a in a home in the next 30 days. Most short sales take 30-120+ days minimum before they are accepted, assuming they are, by the bank. The risk is high that you will still be homeless in a few months.
3. You are an anal retentive control freak and always want to know the status of your transaction. Your Realtor could be the best Realtor on Earth, but when it comes to communication between the Realtors, the asset managers, the negotiator, the attorneys the seller, the bank, and the response times of these parties… many buyers have been known to loose their minds. Be aware that that many of these parties don’t work on the weekend and aren’t concerned with your idle threats..
4. You are an avid Internet Home Shopper. While you are waiting for months while the bank responds, you will feel like you are missing out on many other options out there. For this reason many short sale buyers move on to other homes before the bank ever responds.
5. You easily loose sleep at night. Short sales are not for the weak at heart. They will cause the average buyers more stress than a years worth of work and leave you confused and feeling frustrated in the end.
Who Is Perfect For Purchasing A Short Sale??? The perfect short sale buyer is a very relaxed, take it as it comes person, who is not in a rush to buy a home… If you are this person, then a short sale may be for you. If not, then go for a resale home, or new construction.
What is a Short Sale ?
In real estate, a Short Sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to reduce the loan balance due to an economic or financial hardship on the part of the mortgagor.
Last I checked, ( March 9, 2009 ) there were 604 short sale properties listed ( Out of 13988 listings ) for for sale in REIN ( Real Estate Information Network) The primary MLS for Hampton Roads Virginia (all types) on the market from VA Beach to Williamsburg and all areas in between with prices ranging from $45,990 to $1.3 million.
Short Sales are easier if you have only one lender to deal with. But, what about lenders holding second – and third trusts if any .
Lenders holding first mortgages get first dibs on borrowers’ cash or on the homes should people fall behind on their payments. Banks that made home equity loans are second in line. This arrangement sometimes pits one lender against another.
When borrowers default on their mortgages, lenders foreclose and sell the homes to recoup their money. But when homes sell for less than the value of their mortgages and home equity loans — a situation known as a short sale — lenders with first liens must be compensated fully before holders of second or third liens get a dime.
Currently there isn’t a way for a consumer to search the REIN MLS or WAAR MLS ( Williamsburg Area Assoc of Realtors) for short sales, foreclosures or many other categories. You can click here to see a recent list.
I would be happy to send you updates like this via email whenever a short sale or foreclosed home comes on the market anywhere in Hampton Roads area of VA including surrounding cities, suburbs and neighborhoods throughout like Williamsburg,Jamestown, James City County,Yorktown, Norge, Lightfoot, Toano, Gloucester, Surry, Newport News, Hampton, New Kent, York, Gloucester, Charles City Virginia Va Beach,Norfolk, Chesapeake, Isle of Wight, Portsmouth,Franklin, Greenville, Mathews, Suffolk, Smithfield, West Point, Poquoson, or York County Virginia . Simply send me an email to John@MrWilliamsburg.com.
Williamsburg VA Area
Hampton Roads, Southside/ Peninsula VA
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Mr Williamsburg, Revolutionary ideas on real estate!Hampton Roads Virginia 