Buying a short sale house can result in getting a really good deal, but not always. It takes patience, and a knowledgeable real estate agent who can guide you through the process. Here’s a pros and cons list for buying a short sale property to help you decide if a short sale is right for you.
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Some short sale homes fall into disrepair because the owner can’t afford repairs or maintenance. In many cases, you can do a home inspection before committing to buying the property. But if major issues are discovered, there is no option to ask the bank for a concession or a lower sale price to cover these costs.
Buying a home that is a short sale is the same as buying any other house, the only difference is that the whole deal is subject to third party approval. That third party is the bank that is holding the mortgage for the current homeowner.
· For a home buyer, a short sale can be an excellent opportunity to purchase a new home at a steal of a price. However, if the low price tag is the only thing that the home buyer considers when.
Home buying process. one reason the bank might accept a short sal is if house prices are dropping fast.. No, a short sale of a house is totally different.
Foreclosures and short sales offer deep discounts for buyers. Someone buying a house in a short sale can expect the home to cost 10% less than an ordinary home on the market;foreclosures are even cheaper,often by about 30%. However, these purchases are not without complications.
A short sale could be a great deal, or it could be more trouble than it’s worth. If you’re thinking about buying a house in a short sale, be sure to do plenty of research and ask your real.