This is the second article in a blog series on short sales in real estate. You can read Part 1 here.
Short Sales in Real Estate – As-Is Sales
Short sales are as-is sales, and with these types of sales, you're still fully protected by your home inspection. If the home inspector finds something major wrong with the home during the inspection, you can always walk away from the contract and decide not to buy the home. An as-is sales just means that you can't negotiate for money or repairs after your home inspection. The idea with short sales in real estate is that you get a good deal on a property, and if there are some deferred maintenance items that need to be taken on, you use the money you saved on the home to make some repairs if needed.
Most short sales in real estate take at least 3-6 months to close. The length of the closing depends on a variety of factors, including whether or not there is a professional negotiator involved who is interfacing with the bank’s asset manager, whether the list price has already been approved by the bank, and how many mortgages the property has.
Are you thinking of buying a short sale in Northern Virginia? Email me at DarrenRobertsonHomes@gmail.com or call me at 703-462-0700 for a list of the top 5 short sale deals in the area of your choice!