Short sale real estate investing in Northern Virginia has lot of advantages, but there are some disadvantages that are important to consider as well. I recently got a question from a client on this topic, so I thought it would be useful to discuss it in a blog article. I sell a lot of short sales and bank owned properties, so I’ve seen the good, the bad, and the ugly in these types of transactions.
Short Sale Real Estate Investing – What’s the Downside?
The biggest downside of these types of sales is the much longer closing period. Standard closings in Northern Virginia are usually around 30 to 45 days. Short sales usually take a minimum of three months to close, but often much longer. My shortest short sale in the last couple years has been 4 ½ months and my longest has been 6 ½ months.
Search Short Sales in Northern Virginia
Another downside is that the sale needs third party approval from the seller’s bank, since they are taking a loss on the bank note. This creditor approval process takes a long time – usually 2-3 months…
Read Part 2 of my blog series on short sale real estate investing.
Email me at DarrenRobertsonHomes@gmail.com for a list of the best short sale deals in the Northern Virginia area of your choice!