In the real estate world we would all love to have quick short sale (as in the time it takes to close on a home) but when you hear or see the words SHORT SALES think opposite. Short Sales can take a very very long time to close, because we now have a third party involve…the bank. The sellers can agree to the buyers’ price, terms, and conditions but the bank has the final approval on the offer and just getting an answer from the bank can take months. The term short sale is used because the banks are being shorted. For example a person owes $200000 mortgage on a home and he/she is selling the home for less than owe to satisfy or release them of their debt $200000. If you have the patience and time to wait for a short sale approval, you can find a great home for a low price.
If you are a First time homebuyer, stay clear of short sales, especially if you are looking to buy in the next few months to receive your $8000 tax credit. You will probably not make the November 30 deadline for the tax credit if you are trying to purchase a short sale home now. However, there are plenty of inventory of homes to choose from now, look in any neighborhood from Roseville to Shoreview to St. Paul, you will surely find a home to suit your needs.
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