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The four Most Important things to Remember With Short Sales

By
Real Estate Agent with Real Living HER

 

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:

Foreclosure Process for Central Ohio Real Estate

Don't Make a Short Sale Offer..............

Comments (1)

Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

Hi Vanessa, buyers should definitely work with an agent experienced in short-sales as there is a lot to know and making a mistake could cost them a lot of time and money.

Jun 17, 2009 12:31 AM