So I know that you have all heard the term "short sale" lately... I'm sure you are all wondering what that means. A short sale simply explained is when a bank takes less than they are owed on a property to aid in the sale of the property. Banks do this so that they don't have to go through the time and expense of forclosure.
So what do you do if you want to purchase a short sale??
- Find a qualified real estate agent.
- Find a great loan officer.
- Be open minded. Sometimes in order to get a good deal you may have to paint the walls or put in new carpet.
- Look at all of your options carefully.
- Be prepared to be patient. Often times short sales take much longer to get any kind of response from the bank. You have to remember makes typically have to take any kind of decision to loan committees. This process sometimes can take months.
- Once you get an accepted offer get a home inspection. The bank will not offer any warranties on the property. An inspection will cost anywhere from $250.00-$500.00. This may seem like a lot of money, but I think most people would agree that it is much better to find out the problems in a home before you purchase it.
- If all of your evaluations and inspections go well, now is the time to celebrate, you will soon be a homeowner...
Any other questions please feel free to email them to me...I will do my best to answer them timely. remaxadvanced@yahoo.com
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