THINKING OF BUYING A FORECLOSURE, SHORT SALE OR REO...You May Wait and Wait and wait...
December 7, 2009
BY: Christine Moscinski, Broker Associate at Gobber GMAC Real Estate
The truth of the matter is, today no one wants to pay full price - I agree!
Why would anyone pay full price if they did not have to?
Well, bottom line answer is "YOU GET WHAT YOU PAY FOR"...these homes are in REALLY bad shape. But if you have the time, energy and investment - you could have a great home for years to come!
In answering the questions posed to me OVER AND OVER (and I may have posted this somewhere already)
How long does it take to close on a Short Sale, REO Or Foreclosure?
The answer is anywhere from 40 days to 6 months. The reason being is that the courts are backed up, banks are backed up, sherrifs are backed up, too many dilapidated homes, not enough manpower to move them along as quickly.
Unless the short sale is approved and a negotiator assigned to that property, you may as well sit on your hands - nothing will be done.
Same with bank owned homes and foreclosure home (corporate owned homes).
So if you really want to get the deal done you need the Three "G's" a great Realtor, a great Broker and a great Attorney - plus reliable licensed and bonded Contractor.
Time is ticking, April 30th is the deadline for the $8000 credit (restrictions apply) but if you are first time buyer - you may qualify!
Christine Moscinski is a Broker Associate and member of Chicago' & West Suburban House Hunters MARKET EXPERT SERVING CHICAGO AND WESTERN SUBURBS
Contact her today to find YOUR next deal! (708)369-8094