Purchasing a short sale can be nerve wrecking and exciting. Many are lured in by the wonderful thought of getting a great deal on a house. However, it is important to remember, before getting too caught up that there are many "Got Chas" that without proper knowledge and guidance can derail your plan to short sale success.
The 4 Key things to remember when purchasing a short sale are:
1. Work with a Pro
Buying a short sale requires knowledge of the process and good negotiation skills. Just as with a regular sale your agent will coordinate all the elements, however, short sales come with a few other steps that an experienced agent can assist you with to help keep that dream from becoming a nightmare. This is not the time to go it alone.
2. Don't Delay
Finding the right Columbus area short sale, sometimes means your favorite property may also be someone else's favorite. That's why, your agent will be a valuable tool in assisting you in doing the research to help you quickly bid on the property.
3. Know what you are Buying
Most bad short sales experiences result from buyers how miss this important step. There are many surprises that may pop up, so it's important that your work with an agent that is experienced in finding out everything they can about the property, including whether or not the home has any liens on it and how with the liens be satisfied. Although this can be a bit of a roadblock, you may be able to negotiate.
4. "AS IS" may or May not Be As Is
Oft times, when buying short sales, the home is sold as is. However again with an experienced agent there may be areas were negotiating some fixes are possible. Ultimately, it will be up to the buyer to decide if they are willing to renovate or update the home as needed, if nothing will be done by the bank or sellers. If so, your agent and lender may be able to suggest some avenues to assist you in getting things repaired, even if it is just cosmetic work.
If you're interested in getting short sale property at a great price, give me a call today at 614-273-6406. I specialize in guiding people through the short sale process, and I'm happy to answer all your questions.
KEYWORD: Columbus area foreclosures
LINKS
Bid on property
http://www.ehow.com/how_2063972_bid-foreclosure-sale.html
Liens
http://www.wisegeek.com/what-is-a-lien.htm
Cosmetic work
http://www.cooperator.com/articles/1082/1/Proper-Cosmetic-Improvements/Page1.html
More on Short Sales See:
Comments (1)Subscribe to CommentsComment