Are you a buyer who is looking for a good deal on a new home? Then take a look at how to do short sales that work and how to make them work for you.
Sometimes a buyer needs to sell a home fast for an amount that is less than that is owned to their mortgage company that is called a short sale. For a potential home buyer, you might have a lot of questions and be wondering how to short sales work? We have uncovered 7 things that all buyers need to know about shorts sales.
1. Do your sales homework
Sometimes a short sale can be a great way to find a good deal on a new home. Occasionally, the price that a buyer has set for a house isn’t as good of a deal as you might be lead to believe. Find out the value of the home you are interested in and others in the area. While you are at it, find the sales prices for similar homes in the neighborhood. Make sure that you are getting a good deal.
2. Make sure you know the difference
When discovered the answer for how do short sales work, you need to know the difference between short sales and foreclosures. During short sale, the current own is usually involved in selling the property. When dealing with a foreclosed home, there might be issues with the previous owners or possibly even unresolved property tax issues. Do your homework and make sure that the property is a smart investment before making an offer.
3. Prepare for the unexpected
While this is always a good idea to prepare for the unexpected when buying any new home, short sale or not, sometimes you might get ahead of yourself and start packing the moving boxes before the offer is accepted. Keep looking at other homes until you are getting close to day of closing, just in case the “great deal” you are looking at falls through.
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4. Know you might have to wait (and wait)
When buying any new home it can take a few weeks, even months, before an offer is rejected or accepted. Banks these days want to make sure that all of the proper paperwork is done and that everything checks out.
5. Get ready to spend time
When many people investigate how do short sales work, one common thing that comes up is that many homes need some things done to make it more livable. It might be decorations or a new coat of paint, or it may be something more substantial. Short sales homes sometimes have been neglected, which is why they are such a good deal. So if you buy a short sale home, be prepared to spend some time and energy working on fixing it up.
6. Don’t skip the home inspection
Even if you are buying a short sale home, do not skip out on the home inspection. It is important to protect your investment and to be sure that the property doesn’t have any issues lurking under the surface before you place an offer.
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What has been your experience with short sales? How do short sales work in your area? Do you have any examples to share our audience? Share your feedback in the comments below!