Is it a good idea to buy a property in short sale?

A sale is between a quick sale normal foreclosure, allowing the owner to sell the home instead of having to go to the bank. A sale quick offers advantages, but also takes more time than the sale regularly. An experienced agent at your side increases the chances that your offer is accepted if you decide that the benefits outweigh the drawbacks.

Process
A sale occurs when the owner quickly fall behind on payments and need to sell the house, but want to avoid foreclosure. The bank agrees to lose on the loan, as the prices of sales are usually lower than the amount owed ​​on the mortgage. You send an offer to the seller must agree on the price. The bank has the opportunity to accept, reject or make a counter due to its participation in the transaction. If the house has additional charges, all lien holders must approve the agreement.

buy a property

Benefits
A property sale quick often sold for less than it would be otherwise, which saves you money. You may have the opportunity to buy a bigger or better than you would in normal home sale . Short sales sometimes have cosmetic issues. This is an advantage for those willing to do some work at home. Buyers often want a home that can move in without a lot of work, so that the condition of a sale quickly could prevent other potential buyers.

 
Disadvantages
The process of obtaining approval from various parts becomes a challenge and makes the process longer purchase. According REALTOR Mag, you should wait about two months for lender approval. The process takes longer when multiple lien holders must approve the deal. Even a lien owner who does not like the agreement may decline the offer you make. This means more negotiations or lose the house you want to buy. Need flexibility in the date for a better user experience selling fast. Wait till you hear the offer, then you may have to close quickly to the preferences of the lender.

 

Considerations
A strong supply increases your chances of being approved by both the owner and the lender. Prove you’re serious about the offer with a large down payment and a solid financial plan. A real estate agent involved with knowledge and sales experience fast helps create a solid deal for a higher chance of getting the house sale quick. This type of sale of the house is usually a deal “as is”, which means it does not get any credit or money for needed home repairs.