3 Tips for Buying a Short-Sale Home

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For potential home buyers, a short sale offers a chance to become a home owner while saving money. Unfortunately, there are some pitfalls that could lead to a short sale turning into a nightmare. If you are in the market for a short-sale home, here are some tips to keep in mind. 

Be Prepared to Wait

The name "short sale" leads many people to believe that the process to buy a home is often shorter than it actually is. In reality, it can take weeks or months to purchase a short-sale home.

During the process, your offer is submitted to the seller. The seller has the chance to review the offer and decide whether or not your offer is acceptable. If it is, the offer still has to be approved by the lender. 

Keep the Contingencies to a Minimum

A seller could reject an offer for any number of reasons, including if you ask for contingencies. For example, if you ask the seller to make repairs to the home or cover part or all of the closing fees, this could result in your offer being rejected. 

Remember, a short sale is a home that is being sold for less than the value of the debts owed on the property. The seller is already losing funds on the sale of the home. When you try to tack on contingencies, the seller views it as even more money that is being lost. 

Find a Real Estate Agent with Short-Sale Experience

Some agents are wary of short sales, and for good reason. If the sale does not go through, the agent does not collect on his or her commissions. The sale also takes a considerable amount of time, and the agent does not get paid until the sale is completed. 

To ensure that the agent is 100 percent in your corner, look for one that is experienced in handling short-sale purchases. The agent will also help you avoid a problem that commonly occurs in short sales. It is not uncommon for a person to make an offer on a home and then wait months, only for the offer to be rejected. An experienced agent knows to research the situation and to help you formulate an offer that will more than likely help you win the bid on a home in which you are interested. 

Buying a short sale can be a good deal for you and your family as long as you take the time to do the research and work with a professional agent, like Aaron Lillie - Real Estate Sales Representative.

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24 May 2016

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