Short sale transactions have been around, just like mortgages. A seller could agree to short sell a house as a way to avoid foreclosure. This is especially because like others, they are of the opinion that a foreclosure is worse on their credit than a short sale. Could this be really true? Well, truth is that buyers have been bombarded with the news stories about the availability of discounted prices for short sale properties.
Some buyers would rather be shown short sales instead of properties that are listed. As a result of this some buyers have had their fingers badly burnt. On the other hand lenders love short sales. They are of the view that homes sell for more than foreclosed homes.
Whatever the case maybe, if you are interested in purchasing a short sale home but do not know how to go about it, then respite is here as you can take a cue from the tips in this read about how to purchase as short sale home. Here goes…
7 Practical Steps to Buy a Short Sale Home Without Burning your Fingers
1. Find a Real Estate Agent
The first needful step to take is to discover a well-informed real estate agent. This might not be an easy task, because short sales are a different kettle of fish and as such you need someone knowledgeable and experienced in the short sale practice. How can you get such a person, you might ask? You may consider asking colleagues, neighbors and friends about who they suggest. You may also consider Looking at short sale homes presently on the market and identify the names of agents that pop up repeatedly.
b. Do Some Research
You can consider doing some research in this light. There is plenty of information that is available to you especially on the internet. You are able to get different resources to work with when you do the internet way. Part of your research may also mean that you ask folks who are well versed in this area.
3. Ask Experts
The amount of knowledge and advice that can be milked from an expert cannot be overemphasized. It is for this reason that you would need to talk with a real estate expert. Look around you to see the type of agent that you would want to attract into your affair. Be sure to attract only good agents, as there are some who may be all out to wreck you.
Now that things are looking up, then the next thing to do would be to make your agent work by finding you a short sale property based on the factors you have decided. Whilst that is going on, you may concentrate on pooling your resources together. You may consider getting a loan; so that once an offer is accepted by the seller’s lender then you can close up the deal as quick as possible.
5. Conduct a Comparative Market Analysis
Once you have found a house that you are fascinated about, you may then consider telling your agent to conduct a comparative market analysis (CMA) to establish its market value. This is one very important step that you do not want to toil with if really you want to make a success out of the whole thing.
6. Continue the Short Sale Search
Keep looking at houses as this is the reason why you are in the project already. Be sure to walk away from short sale house, if you find another one that is more attractive. Know that you are in this to get the best deal, and as such you have got to keep looking for the best.
7. Enjoy Your Buy
Once you find what you want and you have made the payments to seal the deal, then it is time to relax and enjoy the reasons why you purchased the house in the first place. Even whilst it seems that you have achieved your aim, be sure to keep at what you do.
There you have it. Seven sure-fire ways to buy a short sale house. Do not relent at this; keep looking for ways to buy short sale houses in or around you. Also keep the rapport you have with your real estate agent deep.
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