From the buyers I’ve worked with who’ve attempted to snag a great deal on a short sale or bank owned home, nine out of ten of them ended up empty handed.
I am coming across more and more buyers who are turned off by the “great deals” that short sale or bank owned homes are reputed to have. This is due to the sales process of submitting an offer on a short sale or bank owned home – the waiting, hoping, delay upon delay and lack of communication. This is more than the average buyer can bear.
However, home sales continue today with the majority of transactions being short sales or bank owned homes. These homes were purchased by a few hearty souls who chose to weather the ups and downs, the delays and the uncertainty of a short sale or bank owned home - and they walked away with the prize - a good home at a great value. These buyers stuck it out, remained motivated and gave the transaction the time and patience needed. In other words, they rolled the dice and won.
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