Should First Time Home Buyers Buy Short-Sales?

 Should First Time Home Buyers buy short-sales?  It depends on how long you can wait.  Many times it takes the bank 4-6 months to approve your offer.  And since you don’t have a guaranteed timeline it can be hard to plan around the rest of your life.But they’re the best deals right?  Short-sales are not always the best deals around.  Just because a property sold for a lot more a few years ago doesn’t guarantee it’s a good deal today.  Make sure you’re comparing the sales price to CURRENT market value, not what it was worth a long time ago.

It seems like short-sales are the only thing out there!  It’s possible that most of the AVAILABLE inventory in your area are short-sales.  But you should also have your real estate professional help you look at what’s SOLD in the area, as well as what’s currently PENDING or under contract.  It’s possible that none of the short-sales are selling, and therefore appear to be making up a larger part of the market than in reality.

My cousin bought a short-sale and they said it went fine.  Not all short-sales are inherently evil.  If you’re working with a short-sale expert, they should be able to do some research on your behalf to see if a short-sale might be a good option for you.  In SOME instances they can be a really good fit for First Time Home Buyers.

Don’t make a decision before getting educated!  If you’re a First Time Home Buyer and would like to find out more about short-sales or the First Time Home Buyer process in general, please go to our Calendar/Reservations page and register for one of our free First Time Home Buyer/Down Payment Assistance workshops.


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