Jeff’s Carlsbad Blog for First Time Home Buyers

Are You Making an Offer on a Short Sale Home?

Posted in Glossary of terms,House Hunting,Psychological Stuff by Jeff Dowler on February 14, 2007

If you are making an offer on a short sale home, there are some things to be aware of.

If you are not familiar with short sales (there are lots of them, in many markets) or want a refresher, check out my post on the subject.

Making an offer on a short sale can, and probably will, be frustrating, so be prepared. Don’t expect this to go quickly, since you not only have a seller involved but also a lender. And there will likely be other contenders with competing offers. You might not get a response to your offer in the time you expect or want, but if it’s a house that really interests you I would simply wait it out.  And try to keep a positive attitude since it can be a frustrating experience.

However, since there is no way to know how it will turn out, you might want to continue looking at other homes while you are waiting, so you don’t waste time. Then, if things don’t move along, or your offer is rejected, you can make an offer on something else. And make sure your agent is staying in touch with the other agent so you are aware of what is going on.


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