Madison WI Area Short Sales and REOs
Short sales are becoming an increasing part of every real estate market. It is a bitter-sweet resolution for home owners who, often due to no fault of their own, have come upon hard times. However; WI short sales have a better chance of producing a possible win-win solution for buyer and seller with a less negative impact on the seller than foreclosure. Without getting into the weeds on the many reasons sellers may have decided to take the short sales route, the point is when you consider buying WI short sales, rather than taking advantage of someone when they are down, you may actually be throwing them the lifeline they need to recover from an untenable situation. They get the lifeline and you get the value… and that’s the win-win.
Are you a Good Candidate to Make an Offer on Short Sales?
With an increasing number of WI short sales coming on the market and everyone having an interest in getting a bargain, more and more buyers are looking into purchasing short-sale properties. The portrait of the ideal short sales buyer looks like this: a cash buyer, with an open time frame, who is willing to buy the property “as is” and who has sufficient reserves to make any needed repairs. You don’t necessarily have to be the ideal buyer, but every “complication” that’s brought to the table in a short sale will almost certainly have potential deal-stopping power.
What are some of those complications? Well they are things that we wouldn’t normally consider to be unduly troublesome in a convention transaction. If you have to sell your current home before you can buy the short sale you are likely to run into snags. If you need to close quickly (30-60 days) that almost certainly won’t happen as WI short sales can easily drag on for 90 or more days. Finally, “as is” condition may not make for attractive housing and you’ll need to have the cash reserves to make any necessary repairs.
The point is, buyer qualification is very important. There is a tendency to think that short sales are kind of “low-hanging fruit” that anyone can come up and pick. Fortunately, your broker can walk you through these things and help you determine if short sales are something you will want to pursue.
Nelson & Associates Realtors can help You find the Short Sale or REO that Fits
Understanding and being able to anticipate the time frames, paper work and details of short sales can bring a great deal of comfort to prospective short sales buyers. And… as luck would have it, as the owner of Nelson & Associates REALTORS, I happen to be an SFR and I would be delighted to discuss the short sales process with you and help you find Madison area or WI short sales that will fit your needs and budget. Contact me today and we can get started right away!
A Note to Sellers Considering the Short Sales Route
If you are a seller, and you would like to explore whether the short sale process may be a solution to your particular situation, I encourage you to give me a call. The confidential consultation is free and I will do everything I can to help you. If you think you may be heading toward the inability to pay your mortgage due to a hardship like losing your job, a business failure, illness and medical costs, divorce or death of a spouse, you may be a good candidate for a short sale. The important thing is to be proactive and explore your options while you still have options to explore!