Short Sales Portland, OR | Short Sale Realtor, Portland, OR

Buyers Guide to Short Sale Purchases

1. Stringent Qualifications. Some sellers may advertise a short sale when in reality they don’t qualify for one with their lender. Unfortunately, whether the lender will approve the seller’s hardship is often unknown until the seller and a buyer reach agreement and that agreement is presented to the lender.

2. Lender Are Not Naive. Lenders will usually require a broker’s price opinion, known as a BPO, before agreeing to a short sale price. If a lender believes they will lose less by taking the property back in foreclosure over a short sale, the lender may hold out for a high price or just refuse to approve the short sale offer.

3. Many Homes Sell “As Is”. Since most short sale sellers have little or no cash, it is common for the seller to refuse to pay for any repairs or work orders found during the buyer’s inspection.

4. Length of Time to Close. Lenders are overwhelmed. Depending on a particular lender’s backlog, it could take anywhere from weeks to months to get a response to the buyer’s offer. If multiple lenders are involved, the process gets longer and more difficult as all of the lenders must agree to the short sale.

5. Loss of Control. Because the sale cannot close without lender approval, the lender(s) essentially control the timing of closing thereby making it difficult for the buyer to plan a move. In addition, market conditions may change while the buyer waits.

6. Lenders Can Change Conditions. Some lenders reserve the right to renegotiate the terms of the short sale at the last minute which can cause the buyer’s purchase to fail.

7. Little Seller Motivation. Most short sale sellers will receive no money at closing. Sometimes this can affect their motivation to communicate, cooperate and even to close the sale.

Please contact us to learn more about our expertise in short sales, or to schedule a showing of any Portland, Oregon Metro area short sale property you might find in our short sale search below.

Get in touch! We’d love to work with you!

Thanks,
Michelle

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