Short Sale Buying
Short sale is a great attraction for the price conscious home-buyers. Distressed homeowners want to sell house to avoid foreclosure even less than the actual market price. Here is the main interest of home-buyers. They save a huge amount buying short sale homes, but buying a profitable short sale needs a lot of skills, expertise and deep understanding of the lender, bank and real estate industry.
How It Works?
Short sale transactions are much more difficult and time taking as compared to the buying a home in real estate market. The bank does not own home in case of a short sale, but has to approve the short sale as being a lender. Buying a short sale depends on the approval of lender, if the lender approves a short sale, then transaction will be completed and buyer will get the home., but if the lender does not approve the short sale, buyer will not be able to get the property.
Benefits of Buying a Short Sale
Short sale offers an opportunity for home-buyers to buy a home less than the market value. There is no doubt that buying a short sale is time taking and complicated process, but it offers a number of benefits to buyers. Some of the main benefits are given here:
The lenders are supposed to pay all the expenses associated with foreclosure. The lender must pay for repairs and maintenance costs while the house is on the market after being vacant. Lenders may agree to sell the property less than the market value to avoid these expenses. It offers an opportunity to home-buyers to secure a low price deal that they would not be able to close in normal circumstances.
Favorable Financing Terms
Short sale offers the most cost effective solution to the bank even though bank has to sell a property less than the amount owed on it. The current homeowner would be a number of payments behind before the bank considers going for a short sale. The bank often agrees to sell the home instead of receiving no money from the current owner. Selling the distressed property may offer a chance to bank to recover their loss to some extent. The other options for bank are available in the form of foreclosure that has its own complications and legal formalities. Banks prefer to select a short sale as compare to foreclosure. In this situation the lender may offer a low interest rate or other buyer-friendly terms to sell the property and avoid further loss.
How to Buy a Short Sale?
Buying a short sale is not as easy as it seems. If you are a first time home-buyer or don’t have expertise dealing with lender, short sale bank and unaware of real estate industry, you need to hire the services of an experienced short sale consultant or agent to buy a home. Without hiring the services of short sale consultant you may find yourself waiting at the stairs of short sale bank.
Why Hire Us?
MyShortSalesAgent is team of experienced and skilled short sale buying consultants. We have been working in real estate industry and have expertise of dealing with all kinds of short sale lenders and bank. As being one of the best short sale consultant company we offer the best services for buying a short sale.