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Many buyers are in the market right now SPECIFICALLY to buy a home because so many are being sold under “distressed sale” situations.

But BEFORE you join the ranks of these “deal-of-a-lifetime” seekers, consider this: fully 60% – SIXTY PERCENT! – of all short sales NEVER CLOSE!

Watch this video for more information:

My advice: before you make an offer on a short-sale property, MAKE SURE you can honestly answer “yes” to every one of these questions:

• As stated within this video clip, can you wait 10 weeks just to “get the ball rolling” on the process?

• Can you wait as long as a year to know whether you have successfully purchased the home you want to buy?

• Are you willing to accept the home in “as is” condition (this is frequently a condition of short-sold homes, and many are not in the best condition)?

• Are you willing to suspend your home search while you wait to find out if your offer was accepted on the home?

• Are you wiling to risk whatever changes may occur in the credit markets – which may have a positive or a negative effect on the ultimate cost of your mortgage – while you wait for a response on the home?

• Are you willing to go weeks and possibly even months without any updates or news regarding your offer?

• Are you willing to go into a short sales situation KNOW that the odds are 60% that you will not succeed?

This may come across as negative or pessimistic – it is NOT meant to. It is meant to make sure you understand the risks and the challenges of buying a property being sold via short sale.

What we frequently find is that buyers try a short sale once and are so turned off by the experience that they decide to go the more traditional route and buy a non-distressed-sale home.

Given the incredible values that abound – both in Metro Detroit and all across the country – we think this is a higher percentage, more logical play. It’s a great combination of “exceptional value for the dollar” while at the same time minimizing the frustrations and uncertainties that are the hallmark of a distressed-sale purchase.