Q. I’m Thinking of buying a condo in San Jose area but notice they are all short sales. How easy is it to buy a short sale and how long does it take?
It it all depends on the lender(s) involved the listing agents experience with short sales and the value perceived by the short sale lender. I have had short sales approved in as little as two weeks and one with WAMU/Chase that took 9 months because of a third investor note carrier that caused all kinds of problems.
On condos, it is particularly important to know whether or not the HOAs are in arrears. If they are, who’s paying. Short sale lenders will not always pay these back payment and that can hang up negotiations if the seller is not willing to catch them up or help.
Have your agent pull the historical sales records for the complexes and nearby that are same age and look at how re-sale has gone. If there is not a historical perspective because of age, find an older complex that might compare.
Got a real estate question? Talk to CJ!