Buyer Myth #2; Banks are Desperate to ‘Unload’ Their Short Sale Properties

It’s always crucial to keep in mind that the banks are motivated by the bottom-line. Many buyers go into a short sale offer thinking the process will go quicker because they think the banks are desperate to unload the property. This is the perception for buyers when it comes to foreclosure properties, as well.

The fact of the matter is, banks are extremely careful with every aspect of the short sale, from initial approval of the price all the way through to the close of escrow. When you submit an offer, they scrutinize every detail. They fully review the seller’s situation and your financial stability to make sure there will be no problems with the transfer of the property or payoff of the loan. Again, these are the types of things that can often draw out the buying process.

With that in mind you need to make sure you are covered on your end before submitting an offer on the short sale property. Be sure to talk to a real estate professional and a knowledgeable lender.

It is best to get pre-qualified for your loan and submit a pre-qualification letter with your offer. This will show the bank you are not only serious about buying, but also willing and able to pay for your loan. If you want to take it one step further, you can consider getting pre-qualified by the bank that holds the title. Quite simply, the more information they have about you, the more faith they’ll have in you as a buyer, and thus, the more likely you will be to have your offer accepted.

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