When I am working with a client that is interested in buying a house in Melbourne, Florida that is a short-sale, I explain the process and time involved so that the client enters into the transaction with realistic expectations. Since a short-sale purchase requires 3rd party approval by the lender(s), the contract states a time period that the buyer agrees to wait to receive short-sale approval. After that time expires, the buyer is free to terminate the contract and move on. However, with short-sales, unforseen delays can happen and the buyer may choose to wait longer to receive the short-sale approval notice. My friend and buyer's agent, Christine Smith of Canton, MA compares the waiting to a long engagement.
If you want to buy a house in Melbourne, Florida or the surrounding communities, and you are wondering if a short-sale is right for you, I am a Certified Distressed Property Expert and I have specialized training in short sales.
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A Short Sale Can Be Like a Long Engagment
How is that, you ask? The long time period gives the Buyer the chance to fall out of love with the house, just like a bride or groom may fall out of love during a long engagement.
Suddenly, after months of waiting, they start to forget why they wanted this house in the first place. The now think that the location is no longer appealing or perhaps the layout of the house. It seemed like a good deal but now there are others that are better looking and priced competitively. Sometimes the long wait makes it seem like it is not going to happen and so better to move on before wasting other opportunities.
Keeping buyers engaged in the property can be difficult as weeks turn into months. No matter how much educating and instructing is done at the beginning, what seemed like a great idea might not seem so great after a while of waiting, especially as other properties sell and close during the wait.
The lack of information coming from the lender does not help either as there is nothing to assure the Buyers that they are not going to left at the altar - um, I mean the closing table.
As a buyer agent in Canton MA, it is my duty to represent my buyer's interests first. There needs to be a certain amount of waiting time in a short sale. If that time comes and goes and the buyer is no longer in love with the property, they may just exercise their rights and move on.
If you are buying a home in Canton MA, Milton MA or the Norfolk County area, short sale or not, your Canton MA Buyer Agent will always put your interests first.
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Christine Smith is an Attorney and Exclusive Buyer Agent with over 20 years of experience in real estate.
(c) Copyright 2011 Christine M. Smith, Attorney and Buyer Agent. All rights reserved.