Tips for Buying a Short Sale

Everyone is looking for a good deal when buying a home. If you're careful and experienced you can find great deals on Las Cruces real estate. Some of these deals are short sales and that's why it's important to work with a Realtor who has the knowledge and experience to identify short sale opportunities.

When you think you have found a short sale your Realtor needs to research it to determine a few things. Just because that home is listed as a short sale doesn't necessarily mean you're going to get the price advertised, or even get the home at all.

Short sales must be approved by all parties with a mortgage or lean on the property. Here are a few more things to know when trying to buy a short sale.

Comparable Market Research

Knowing pending sales will help make your offer the winning offer. Short sales are listed very low and will get multiple offers. The parties with interest in the sale want the most money possible. Your agent should look at pending sales to get an idea of where the market will be when it comes time to close. If you really want a good deal, be prepared to pay above the lowball short sale offer.

Look at the Listing Agent

If the Realtor listing the property has never closed a short sale, you may want to think twice about getting involved. The listing Realtor will be the one submitting the offer to the lenders and negotiating the deal with them. If you are willing to
risk rejection then go ahead, but if you're time sensitive you may want to move on.

Research the Home

Your Realtor should research how much is owed against the home. This will help you make a good offer and help you know if you're wasting your time. Some lenders have a reputation of being difficult to work with especially if they have a second or third mortgage on the home. An experienced Realtor will know who these lenders are and can prepare you for any problems you may run into.

Contact us if you're interested in finding a good short sale in Las Cruces.

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