We have all seen those beautiful listings on mls or www.northtexashomefinders.com and noticed that some of them have the words…Short Sale…As Is.  What does this mean?  In spite of recent legislation changes, there are still people out there who have over-bought for their lifestyle.  They can no longer make ends meet paycheck to paycheck and so instead of having the kiss of death on their credit report of “foreclosure”, they are contacting their lien holders and asking for permission to short sale the property.  This means the seller will sell the home for less than the loan amount and the lien holder will forgive the difference.  Pretty good deal for the seller when you consider the alternative.

Buyers beware however, there are a ton of conditions on a short sale. 

1. It may take 3 days or months for the lien holders to respond to offers made.  So if you are in a hurry to move in, look at a different home.

2. There may be a multiple offer period.  This means the seller and lien holder will continue to accept all offers even when considering yours.  If a better one comes along, they can take it.

3. The home is sold As Is.  No repairs are made by the sellers.  Be sure to get an inspector.  They can help identify some issues.  This way you have all the facts when you make your purchase.

Bottom line, a short sale is a great deal if you have time to wait and can put in a strong offer.  Having a buyer’s rep is imperative in this situation, so they can write up your offer and position you in the best possible way.  Remember, having a buyer’s agent represent you is free to you in most cases.  The seller pays their fees.

To learn more about short sales and how buyer’s reps can help you, visit our website at www.NorthTexasHomeFinders.com or call 866.959.FIND.  We are ready to help you because we treat your investment as if it were our own!

Article by Teresa Robinson, North Texas Home Finders Owner/Agent