Overland Park KS Homes for sale & Johnson County Real Estate Blog: Am I a good candidate to buy a Short Sale home in Johnson County Kansas?

Anyone who has been considering buying a home in Johnson County Kansas has heard the term short sale but very few truly understand what one is. In the simplest terms, it is when a homeowner tries to sell their home for less than they owe the bank to pay off the loan. The seller will ask the bank to accept the lesser amount instead of the home most likely being foreclosed. These short sale homes can be very good deal for a savvy buyer but they do come with some pitfalls, so the question is; Are you a good candidate to purchase a short sale?

Banks don't just approve short sales they have a process for approving them and that process can be very lengthy. There are many steps to the process and with the backlog of properties requesting short sales it takes time. If you are interested in a short sale and the great deal one can be, ask your self if you deal with the following:

• Patience- If you don't have patience a short sale is not for you. Some short sale can take as little as 30 days but most will take 90 to 120 days depending the bank

• Lack of communication- Banks give out very little information while they are processing the short sale. There will not give a clear cut date for approval and the dates set forth in you real estate contract mean nothing to them.

• Housing options- If you have an expiring lease or are in a must move in by this date timeline a short sale in absolutely not for you. Once again the short sale process can be very long and there are no guaranteed closing dates.

• Hoops- You will have to jump through hoops and sometimes lot's of them. With the amount of short sales banks are processing they tend to lose things, so you will be requested for items several times over. Don't like hoops, don't buy a short sale

• As-is condition- You will be buying the house as-is with no repairs being made by the seller. If you are looking for a move-in ready home, a short sale is not for you.

• The unknown- Not all short sales get approved and sometimes the banks will either deny the short sale or foreclose the home before the process is complete. If you are not willing to risk losing the property to get a good deal then a short sale is not for you.

So if you have the patience to wait, can deal with a severe lack of communication, don't have to move by a specific date are willing to buy a home in it's current condition, can deal with lots hoops to jump through all with the possibility of not getting the house then you may be a good short sale candidate.

Now I will tell you that most banks have decided to be more proactive at accepting short sales and the government has actually provided incentive to the banks to process more short sales. So the process has been getting much better but it is still not for the faint of heart or weak of stomach.

Do you want more information on short sale and a current list of Short sale properties?

Contact The Russell Home Team today at 913-681-1383 or use our links below to start your home search now.