Five years ago most home buyers never heard the term “shortsale”. Now it has become a household name. Columbus homes listed as shortsales may be excellent deals and can often be purchased below market value.
When a home is offered as a shortsale, the seller is usually upside-down and owes the bank more than the house is worth. The seller is probably facing foreclosure and asks the lender to accept a lower payoff to release the mortgage, so they can sell the house.
Shortsales are Unpredictable
The mortgage holder (lender) has to approve the sale and pay-off of their loan. This may take months of negotiating and lots of paperwork to proof that the home owner can’t afford the house any longer.
Whether you are a buyer or seller of a shortsale home for sale, you better work with a real estate agent who knows how to successfully negotiate and close a shortsales.
Why Buy Homes Listed As Shortsales?
I strongly recommend that you make offers on homes for sale listed as shortsales.
- Shortsale homes are less expensive than regular listings; sometimes you can get them for less money than HUD homes or REOs.
- You don’t have to compete with other buyers in an auction; most of the time you will be the only bidder.
- Shortsales are often newer homes and in better condition than most bank-owned properties and REOs;
I have personally negotiated around 200 shortsales. So, I know what to expect and how you can get the best deal as a buyer. Don’t be afraid to bid on shortsales. Be ready to deal with unreasonable lenders and be patient. You may well end up with an excellent home at a bargain price.
Featured Shortsale Home
Here’s one of of the shortsale homes I have available. It is currently listed for $160,000, however, a HUD home around the corner sold for just $132,000. I am confident that the bank will settle for a similar amount to avoid the hassles of completing a foreclosure.
Call me and let’s discuss a bidding strategy!
This Lewis Center house is just 9 years old. It may look like a tiny ranch from the front, but it comes with a finished basement, 4 bedrooms, 3 full bathrooms, all kitchen appliances, as well as a deck and a patio in the back.
Disregard the asking price! Lower offers are strongly encouraged!
8583 Clover Glade, Lewis Center, OH
Asking Price: $160,000
Year Built: 2002
Sq Footage: 2,300
includes finished basement
Bedrooms: 4
Bathrooms 3/0
Category: Shortsale
Schools: Olentangy
Click on the picture or the address to get to get to the property website!
Don’t worry about the list price. Submit a lower offer that meets your budget!
Call me today at (614) 975-9650!
About the Author
Susanne has sold more than 200 homes in 2011 and is consistently ranked among the top 1% of real estate agents in Central Ohio. Connect with her on Google+ or call her at (614) 975-9650.
