3 Tips When Buying a Short Sale
The current real estate market has created all sorts of opportunities for buyers and one of them is the short sale purchase. Simply stated a short sale is property in which the sales price will be “short” of the actual mortgage balance and the seller’s lender will have to approve the sale. Potential buyers can look at this opportunity as a gold mine. Before you count your money consider these tips.
- Lenders want to minimize the loss so a low ball offer may not even make it to the right department. Just because the property is in a short sale does not mean that the lender will rollover and take your offer.
- You better have all your ducks in a row, financing, earnest money, finish your home inspection—basically remove any concern on the lender that you will back out. That’s right. If your offer is full of wiggle room chances are the lender will not agree to the short sale.
- Give the lender plenty of time. If you demand in your offer to have an answer in an unrealistic amount of time they will not respond.
Here is something to think about with short sales if you are truly interested in purchasing a home. In most cases the price that the home is currently listed at is already a good deal. You may save a few extra bucks, but let’s not get greedy. That is what got us into this mess in the first place. Watch this blog for more tips on Short Sales or give me a call for a FREE GUIDE on the short sale process.
Posted by:
Glenn Hanon
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