Jan. 8, 2011

Hawaii Short Sales: Being Prepared

Most people who are looking to step into Hawaii real estate right now are going to notice some great deals on homes that they once thought would be completely out of their budget. The reason is that many homes are being foreclosed on and the lender is trying their best to unload them onto others in order to start making their money back. There are also those homes that are considered short sales, which means that they may be sold by the lender because of foreclosure, or the homeowner may be trying to sell in order to avoid foreclosure. These are great opportunities for the person looking to buy, however, it can be a situation in which can test the nerves of those future homeowners.

 

Hawaii short sales are situations that are somewhat a game of chance. Many people have found themselves making offers on the homes, being weeks or even days away from owning the home and the deal fall through. The person had their heart set on this home, as well as may have already dumped thousands of dollars in getting the home inspected and everything, only to lose their money. This leaves these people back to the drawing board and trying to find another home that they love. So why do people even make an offer on short sales? The prices that these short sales are at are the main reason that people make an offer. They are usually getting a much bigger home than they had previously thought possible or in an area that they thought was off limits to them.

 

So what can a person do in order to make sure that their offer on a short sale is approved? In all honesty, there is not much that they can do, they simply need to hope for the best. The agent that they are working with needs to explain that this is a game of chance. If they offer below the asking price, they may get turned away, or even if they offer the asking price, for some odd reason they can still be denied. However, people should not be turned off from even looking at these homes since they are such great deals. But, the person needs to realize that they should be prepared for whatever happens. Basically, they should not be counting their chickens before they hatch. If you go into a short sale prepared for the worse, then you will be able to handle whatever if thrown your way.

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