A lot of buyers lately have been asking me about purchasing short sales and bank owned properties. Today, we’ll go over why these properties are so appealing, and how they can be limiting as well.
On our team, we want to make sure our clients get the best properties. One thing to keep in mind is that home value equals motivation. A seller who has a $50,000 signing bonus to relocate in 30 days is going to be highly motivated to sell their property. With short sales and bank owned properties, the seller might want to get a certain amount out of the home, and you could be locked in negotiations for a lot longer than you want and end up paying more than you initially planned.
Also, when dealing with short sales and bank owned properties, sometimes you have to realize that the home is not in the area you want it to be. It might not be the best type of home for you or your family.
Shorts sales also have a BPO, or Broker Price Opinion. If that property is in decent condition, the BPO might match market value, making the short sale property worth just as much as other homes for sale in the neighborhood that offer more features and benefits.
Ultimately, we want to make sure we get the best home for you. Don’t pigeonhole yourself into one area of the market. A short sale may not be the best way for you to go.
If you have any questions, please give me a call or send me an email. I look forward to hearing from you!