Buying A Short Sale House
Can Save You Thousands
If you are thinking of buying a short sale house there are a few things you need to know. Make sure the person negotiating the deal knows what they are doing and be prepared to wait. If you ask a realtor to find you a great short sale deal, chances are something may be on the market. If you are not a real estate investor or are not dealing with a skilled agent you need to be careful. You are expected to waive inspection contingencies. This can always be dangerous if you have no first hand knowledge of repair or home maintenance. The bank may take several weeks or even months to make a decision. This isn’t because it doesn’t want to work with you; it is because it has too many departments and poor communication. An agent that hasn’t shorted many mortgage loans is inexperienced and can drop the ball at anytime. Some agents may tell you the deal is dead or rejected but what they don’t know is that is the bank’s way of playing hardball. You can pay too much money. Just because a deal is advertised as a short sale doesn’t make it a great deal. The person trying to work the deal may not have evaluated the current market conditions correctly and the bank may be approving the sale because you are paying too much. Educate yourself on buying a house that is a short sale. There are many resources that will give you reliable information which can give you a better understanding than the person working the deal.
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