Question by John Nunez: How do you buy a short sale home?
hello my partner and i have been looking into the reno Nv area to buy a home. It will be our first home and we have been approved for 145 K. we were interested in buying a short sale, though i have heard it is a ridiculous process. I had a few questions… can you have a Realtor Show you a short sale home? like take a tour through the house? or it it that you look at pictures and hope to god its in decent shape and doesn’t fall apart after you purchase it. some listing only have a street view and no pictures of the inside… also is it easy to get a Realtor since short sales don’t give them a lot of profit ? can u place a bid if the listing says active/pending? if it does say that can i assume the offer way less than the listing price since it is still pending, and that i should bid the asking price or above? im so confused and all the sites i go to don’t answer any of my questions its a bit intimidating
Answer by Glenn S
Just contact an experienced Realtor and he will show you all the short sale homes that you want to look at.
Each property is different and that is why you want a savvy experienced agent that can give you good advice. In my area many short sales are selling above the asking price with multiple offers. Short sales no longer take many months to do. A Fannie or Freddie lender is now required to respond within 60 days.
See you in Reno in August. I haven’t missed a Hot August Nights in 13 years.
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