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What to Look for When Buying a Short Sale

By Pierre Rattini


In a number of ways, being on the purchasing end of a home short sale is a stronger position to have. Those at the selling end are usually pressured to make a great sale because of time and money constraints. They're also sure to have the fear of foreclosure looming over them. And anyway, if you are thinking about house or condo short sales, then it's crucial that you understand what to be on the lookout for aquiring a short sale.

Confirm it is keenly priced for a short sale.

Avoid comparing short sale prices to average market values in your neighborhood. Prices for brand new and used places on sale are determined in an alternative way compared with how short sales are priced. This is essentially because homeowners who don't need to short sell their homes are also likely able to hang about for as long as they need or until they get a fair offer for their properties.

Sadly for house owners facing foreclosure, waiting isn't an alternative for them. They have to short sell their homes as speedily as possible. Second, profiting is unlikely to be a major motive for them. Most condo owners simply have to short sell their properties at a price their creditors will find satisfactory, and that's it. All they care about is avoiding foreclosure, which would more seriously damage their credit ratings.

Know precisely what is involved.

In learning what to go looking for when aquiring a short sale, the majority of people incorrectly target the visual and material facet of things. While that is also critical, what you must first attend to, however, is the funding side of the exchange.

Short sales can be pretty complicated, and it's for that reason you have to be extraordinarily clear about what you're expected to do and pay. If at all possible, hire a real-estate agent to represent you with this type of deal. You'll have to pay a finding fee for an agent's services, however it is sure to be a little bit less than what you will lose if you finish up overpaying for a short sale property. And yes, that does occur.

There are plenty of things that real-estate agent can do for you if you have set your sights on a short sale home.

* Negotiate for the best price with the homeowner, creditor, and short sale agent.

* Help you gather and file the essential paperwork to demonstrate your money capacity or to help obtain extra financing for getting the property.

* Review the short sale contract.

* Help you complete an effective letter regarding your offer or goal to purchase the property and which then would be submitted as a part of the householder's short sale package.

* Take over all documentation and closing costs so that you can move into your brand new home immediately.

And ultimately, as you have expected, understanding what to have a look for when purchasing a short sale isn't any different from what you would usually do when inspecting a home for sale. If at all possible, have a licensed housing inspector with you to ensure that the property is at least structurally safe and one which would need nominal mending in the next 5 years.




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