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Avoid The Pitfalls Of Buying A Short Sale
We recently gave you an overview of what exactly a short sale is. But is this the right type of property for you? It most definitely can be, but check out the list of pitfalls below to make sure you’re getting the best investment for your hard earned dollars.
First, a recap: A short sale happens when a homeowner sells the house for less than the amount owed, and the lender does not get all its money back. More often than not, this happens when the home's value falls. Buying this type of property has its benefits, but only if you have a pro by your side and avoid the following:
Ignoring property problems – short sale properties may be vacant and susceptible to wear, tear and general distress.
Skipping the inspection - Tag along on your home inspection. It may not be a bad ideal to also call in specialized inspectors to look for expensive problems such as termites, mold and structural damage, especially if it's a common problem in your area.
Ignoring legal and insurance information - A typical disclosure statement would indicate if a house was in a flood plain or had any un-permitted renovation. Because short sale properties often sell as-is without disclosure, buyers must do a little extra research on the home's status.
Having a tight deadline – because of all the different parties involved, short sales can often take longer than traditional transactions. Those with tight buying and moving deadlines may not be well-suited for a short sale.
Falling hard for a bad property – it’s important to keep your expectations in check when buying a short sale. Be realistic about the problems you may discover with a particular home and whether or not the money you’ll need to put into it is worth what you’re saving on the initial price tag.
Metrowest has a team of professionals who would be happy to help you through the short sale process. Whether you’re considering buying a short sale property or would like resources to help in the short sale selling process, contact us today to discuss your needs.
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 25 years of experience in collections, foreclosure/bankruptcy, los....
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