Real estate sign that pose in front of the home country of a contract, Friday, August 21st, 2009 at the Cat, mass. home sales back in July posted largest monthly increase in at least 10 years as a first-time buyers rushed to take advantage of tax credits that expire on November 30.(AP Photo/Lisa Poole)
Short sales could fit the Bill for first-time homebuyer who has patience.
Short sales, the lender allows homes for sale for less than the balance. As a result, prices often affordable. In addition, current mortgage interest rates low. But short sale complex and can take a lot of time.
Short sales are complicated because the final price to be approved by both the seller and the seller home lenders. So short sales require additional time to move from a settlement offer–sometimes for six to nine months.
“In General, first-time homebuyers should consider selling short because they offer a great opportunity to get the home of price cuts,” said Paul McDonough, a Realtor with Weichert Realtors at Randolph, N.J. “the only downside is time because some are still very slow in approving the offer. Buyers who need to move in a certain time because the contract expire or school schedules might not want to make an offer on a short sale. “