Purchasing A Used Home Short Sale

by / Thursday, 16 May 2013 / Published in Real Estate, Uncategorized

If you are in the market for a used home and you’re having difficulty finding the property which is right for you, then you may be interested in learning a bit about purchasing a used home short sale. For those who have not been familiarized with the process of short sale purchase, a property which is sold short sale is technically owned by both home’s lender and the home’s seller. If you intend to purchase a home short sale, you will need to contact the seller and offer them the price which they are asking. Even if the seller accepts, this does not necessarily mean that the lender will accept. In order for you to close on the home, both parties will have to accept your offer, meaning that you may have to wait a little while longer than normal in order to close on a short sale home.

Why do people try to purchase short sale homes despite the fact that there is no guaranteed time on when the sale will be closed? The quick and clear answer is that short sale homes are significantly cheaper than most other homes on the market – so much so that their price tag typically seems to be “too good to be true” and so on. Basically, when you see a home which is priced so incredibly low that you think there must be some catch, the short sale dynamic is typically the “catch” (if you can even call it a catch).

If you are considering purchasing a home short sale, then there are some important factors which you should take into account. First, conduct the necessary research into the property. Find out why the lenders of the home have opted to sell it short sale, rather than pursuing foreclosure. Consult with a real estate agent in order to determine exactly why the home has been listed for short sale, as well as the relative amount of money which you should offer on the home. It is entirely up to you how much you believe you should pay – another one of the excellent benefits which accompanies short sale property purchase. If you encounter any unforeseen problems with the property, don’t continue to pursue it – you may get locked into the same issues which the current property lenders are facing, and end up having to list the home for short sale several years down the line; while it is possible for you to benefit greatly from a short sale purchase, having to list a property for short sale will probably leave a negative mark on your credit score.

When trying to determine whether or not a home which has been listed for short sale is worth purchasing, try hiring a real estate agent who has previous experience in dealing with short sales. A real estate agent who is experienced and knowledgeable about short sales will be able to determine whether or not there are any hidden or additional fees or catches in the property which you are considering buying. This level of experience and understanding will prove incredibly beneficial when it comes time to sign your contract – your real estate agent will ensure that your agreement is closed in a timely and orderly fashion, and guarantee that you don’t end up waiting weeks or even months to move into your new property.

If you have located or secured a short sale property which you are seriously interested in purchasing, be sure to keep these simple tips in mind as you approach the seller with the intention of making an offer. Be sure that you bring your real estate agent with you at all times in order to ensure that no details of the negotiation go overlooked. Following this advice will allow you to purchase a short sale home without any later drawbacks.

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