Whomever invented this term lied! there is no easy way to say that, they just lied.  It is a nightmare not only for the seller but for the buyer.  As a Real Estate agent it is definitely working for your money.  For the past year we have seen the economy drop considerably in the housing market.  Remember when you had to give your left arm and promise your first born child to get an offer excepted because they had so many of them to choose from? Well things are different now.  You have too many people thinking they are back in that time so the property sits and it sits and it sits until you have someone interested.  Then as a seller you can decide do I take the chance of someone giving me a better offer or take this offer because it is right here and right now.  The smart thing to do is if it is not a harrowing amount like 50-100K less or something ridiculous like that then Jump on that offer.  It is likely that you may or may not get a better offer.  If you want to hold out and see.  Then I tell you that you do it at your own risk.  It turns into a gamble at that point.  If you have all the time in the world and your not in danger of losing the property then have at it, hold out for as much as you can possibly get.  Chances are though you may not.

If your dealing with a short sale. Odds are that you maybe because of how the market is right now.  Here is a secret,  you better know your stuff inside and out. Because the banks are not playing.  Again, whomever said that banks are trying to get rid of the houses because of cost.  LIE that is another LIE I know because I just went through the process and the bank was not very nice.  I will give you three reasons why I went ahead and bought the house, I will then give you five reasons why I will never deal with another short sale ever again. 

Reasons for me buying the house:

1. I was living in a very stressful enviornment (that’s another blog for further detail see the Landlords from HELL).

2. The house was in a decent neighborhood where I wanted to be and my children actually like the schools.

3. I had already spent an enormous amount of money trying to get my credit issues squared away.

Reasons why I will NEVER, that’s Right NEVER deal with a short sale again.

1. As a Realtor buying for myself,  I was denied a commission(understandable however that was not the point).

2.  The bank wanted to make sure that as a buyer I wasn’t going to have ANY equity in my house.

3.  I was truly at the mercy of the bank and that was not a pleasant place to be. 

4. The bank tried to squeeze the sellers out of everything they owned.  The Sellers ended up paying out of pocket thousands and thousands of dollars because the bank was not satisfied with the amount that the house was being sold.

5. It was the most stressful event that I have ever had to go through. 

Buying a House should not be this stressful,  it should be the most rewarding and exciting purchase a person can ever make.  A house says alot about you and your personality. This ordeal started in July and ended in October(due the math). 

My suggestion when looking for a house make sure it is NOT a short sale.  If you can not go around it being a short sale talk to the listing agent every day and make sure that they are speaking to the bank.  I had a great listing agent the sellers were blessed to have her as their agent and for me she was a gem she fought for not only her clients but she fought for us as buyers and she didn’t have to do that.  She did her duediligents all around the board and for that I am grateful for her and I told her she now has a new friend.  Anyone who goes out for you like that and doesn’t have too is worthy of me calling them a friend. So, from the time the contract was ratified to the time we sat down at settle ment was 5 months and I was the third or fourth person to try and buy the house.  The bank has the right to counter, accept or flat out reject an offer and that bank took the liberty of using those rights.

My powerpoints in this are:

Make sure you, yourself have an on point Agent.  Therefore they know how to deal with a listing agent.  Not all Listing Agents are as good or patient or thorough as the listing agent I came across.

Try to stay away from a short sale if you are unsure of what the time line will be regarding the banks.  A short sale can go anywhere from 30 days to 6 months so if you are in a hurry stay away from them.

If you see a ridiculously low priced house ask your agent to do the comparisons in that neighborhood and take a look at the house it might have mold.( more on mold see Enter at your own Risk)

Other then that Happy house hunting.