Purchasing Your Dream Home for Half the Cost
Dramatic drops in property values over the last few years have left many home owners owing more money on their homes than what it is actually worth. This has created an opportunity for lenders and buyers in the market to take advantage of discounted homes from short sale properties, creating a price tag at sometimes 50% less than what the original owner purchased it for.
As a buyer, short sales offer a VERY low price tag on homes that may not be within your budget, but purchasing without an agent can be a risky move. Before committing to what may appear as your dream home, proper inspections could save you thousands.
Be Prepared..
Make sure the property and home is in tact, it is not unheard of that the previous and upset owners may have not have left their home in mint condition, and it is not illegal AT ALL for you to request any proper paperwork on the property as well. The first commonly mistake made by recent home owners is underestimating the cost of repairs and remodeling.
Purchasing a short sale home also requires patience, often taking months to negotiate and close the sale, but can quickly take a turn with a limited time to finalize the paperwork. Make sure you are prompt on returning responses and have the pre-approved paperwork ready at any time. Having an experienced realtor to walk you though the steps will save you time and money through the process and help you prepare for quick decisions.
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