3 Tips for Short Sale Buyers

So, you’re thinking of buying a short sale property?  Since they’re aimed at avoiding foreclosure, a short sale in real estate can offer buyers great deals.  But before you buy, remember these 3 tips:

1.        Get an agent with experience in short sale properties.

These transactions come with nuances that are different than a traditional home sale.  You will need a realtor who knows what to lookout for – so that you’re protected through the entire process.

2.       Get the lender’s approval.

No matter what you and the seller may have agreed to, a short sale in real estate is never final until the lender approves it.  So, before you start packing your stuff, make sure you have written approval from the lender.

3.       Make your offer contingent on a home inspection.

With a short sale, the home is generally offered as is – meaning you would be responsible for making any repairs or fixing any issues.  You don’t want to get stuck with a home that needs thousands of dollars of repairs.  It would eliminate the great deal you got on the short sale!

Want to learn more?  Click here to see short sale homes in your area, along with a look at the health of your local housing market.  Or, click here to search short sale properties in your area.