Overland Park KS Homes for sale & Johnson County Real Estate Blog: Overland Park KS Short Sales, Sometimes it is good to be a little short!

With the downturn in Real estate, there has become a lot of new and unique opportunities. For buyers in Overland Park & Johnson County Kansas that new opportunity is called a short sale. A short is when the seller of a home is in the begining stages of Foreclosure and they know that their home is not worth how much they owe on it or at least they cannot sell their home and completely payoff the mortgage and pay the fees associated with selling their home.

So how does this help you? Banks do not like foreclosing homes, it costs them a lot of money and time doing so. One of the options banks consider during tough times is accepting less than is owed to them instead of foreclosure.

If you are a savvy buyer and have patience you can stand to find a great house at a great price through a short sale. As you can see I underlined patience, because banks are swamped with short sale requests right now and getting an answer is not an overnight thing.

 It will usually take 4-8 weeks to get a final decision from the bank of whether they will accept your offer or not. A lot can happen in 4-8 weeks and that is why so many short sales fail. It is not that the bank was unwilling to accept the offer, it is that the buyer gets so frustrated with the timeline that they back out of the deal.

If you are in the position to be flexible ie.. month to month lease, you would be a great candidate for a short sale, The process can be a little bit frustrating but in the long run you could end up with your dream home for a lot less than you expected. Building wealth sometime takes drastic measures.

The Russell Home Team are experienced short sale negotiators, we know how to get you a great deal and how to work with the banks to ensure a smooth process.

Click Here to see Short Sale Homes in Overland Park & Johnson County

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