Yesterday, clients of mine wrote an offer on a Danbury, Connecticut townhome they hope to buy. The property is being sold as a short sale, which means the sellers owe more than what the property is worth in its as-is condition in today's market.
We wrote a solid offer. Of course, another offer came in the same day.
I've warned my buyers on the issues they will now face with attempting to buy a short sale:
- We will probably wait about 4-6 weeks before learning if the bank will accept the offer. I've waited as long as five months on others.
- The sale will be strictly as-is - the sellers will make no repairs.
- If it goes through, they will be buying a home they like at a very, very fair price.
So now the waiting has begun.
Hopefully they will have the needed patience!
Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale
In our area it often means no survey as well.
Hi Laura - short sales are pretty much as-is where-is sales. Or, as I like to refer to it, the home is what it is!
Though, buyers could pay for and obtain their own survey. Not that the sellers or bank will do anything about the results.
Don - It takes a lot of patience to wait on a short-sale response. I've had a couple of buyers lose interest when something else came on the market.
Hi Debbie - Yep, it takes a lot of patience on the part of buyers who are trying to purchase a short sale property. I warn them up front of the issues and delays we will face. I have seen buyers walk away because the wait is too long. It can be a challenge.