Should a first time home buyer make an offer on a property that is a short sale?  Short sales can be complicated, so some first time home buyers in Raleigh and the Triangle area of North Carolina sometimes avoid them.  Let me explain why.  A short sale has all the elements of a normal sale where the buyer and seller have to agree on a price and all the other terms. In addition to that, the agreement has to be approved by the bank that has a loan on the property i.e. the seller's lender has to agree to the deal.  More specifically, the lender has to agree to take the net proceeds of the sale.  The buyer is asking that lender to allow the sale to close in return for a "short" payment instead of a full payoff on the loan. While the payment is short, the time it takes to get the banks approval may be long.  As a result, many Raleigh and Cary first time home buyers do not want to wait for the approval.  If you want more detailed information on short sales, visit another of my websites at www.CreateAShortSale.com.

In addition to the delay in getting the approval, the approval is not a sure thing.  Across the nation, only 27% of short sales get final approval.  So, if you believe in following the national averages, you have a bit over a 1 in 4 chance of getting your Triangle short sale approved.  Instead of applying the national averages, you should look at the success rate of agents in Raleigh, Cary and other parts of the Triangle, as our listing agents are better trained so that more of the short sales are approved in the Triangle.  The buyers and their agents need to focus on the agent who represents the seller, called the listing agent.  That agent is the biggest factor in determining whether the short sale gets approved.  In other words, a first time home buyer in the Triangle needs to find out who has the property listed, because that agent is responsible for processing the short sale with the lender.  For example, you can count the number of short sales where I have not been able to reach an approval on your fingers.  So, I ran out of time to get the sale approved in less than 10 sales.  There are some other agents like me who get nearly all of their short sales approved.

Buying a short sale give a Triangle first time home buyer the opportunity to buy a home at a price that is usually below the market price.  In order to be successful with the purchase of a short sale property, the first time home buyers in the Triangle area of North Carolina need to analyze more than the property when they are deciding whether to make an offer on a Triangle short sale.  They have to first look at the property.  Then, they need to find out the success rate of the listing agent in getting short sales approved.

Instead of listening to me analyze the situation, listen to Rang, a Triangle first time home buyer who just bought his first condominium.  Feel free to let me know your ideas about short sale properties being purchased by first time home buyers.

http://www.youtube.com/watch?v=wW2GR35E0JQ