Columbia SC Short Sales – Things To Watch For
Columbia SC short sales are not as easy (or short) as most people might think. Even with reports that some lenders are trying to speed up the process, short sales can be very complex and only attempted by well-prepared buyers and sellers.
Columbia SC Short Sales – What Can Go Wrong?
Columbia SC short sales can go amuck any number of ways, from lenders backing out of the deal, to buyers who just don’t have the patience to endure the months of waiting that it can sometimes take.
The National Association of Exclusive Buyer Agents (NAEBA) released a report a short time ago outlining a list of 51 things buyers need to watch out for with short sales.
The report from NAEBA’s member survey suggests that only about 25 percent of all short-sale purchase contracts actually make it to closing, and only about half of all homes that are offered as short sales end up being sold that way, though the percentages may vary by market.
The NAEBA report is a litany of advice to the wary about insincere and ill-prepared short-sellers; neglected houses that may fall into disrepair in the months it could take to complete a short sale; lenders who force buyers to jump through multiple paperwork hoops, only to change their minds about the whole deal; closing costs that may be difficult to calculate until just days before the closing.
When considering whether to even get involved in Columbia SC short sales or not, consider the real possibility that some sellers may be listing their homes only as a tactic to delay a foreclosure and aren’t serious about following through. Or some sellers may lose motivation and refuse to complete the sale, perceiving there’s little benefit to them, since they won’t receive any funds from the sale and their credit already is damaged.
If you’d like a copy of the 9 page report, you can grab it here.
After you read through the 51 things buyers need to be aware of, you may just decide that dealing with Columbia SC short sales are not the way to go. But if you think you want to dive into the Columbia SC short sales maze, then make sure you don’t try to go it alone.
Contact us for more information about short sales, and some of the possible pitfalls that may await you.