If you’re considering buying a short-sale townhouse in Lindstrom, Minnesota, there are things that will likely be different than the process of a standard home purchase. If you have time on your side (i.e. don’t need to move quickly) and really want the townhouse, short sales can often present great savings to buyers. But they certainly don’t come without their own set of potential hassles.
David Uffington gives some pointers here to potential buyers. First, he says, do what you’d do in any kind of home buying scenario: get approved and get your credit clean. After that, the main thing that you’ll need in a short-sale purchase is patience. It can take time, months even, for lenders to approve the sale. There can be other issues too:
There are a number of potential stumbling blocks along the way. Lien or second mortgage holders can delay or stop the process. After the seller accepts your offer, your agent will need to send those documents to the lender as well, along with a copy of your pre-approval letter and a copy of your earnest money deposit.
A good realtor who has knowledge and experience is always an important part of finding a new home, but for a short sale, you should find one who has experience specifically in short sales, and also consult a lawyer who can represent your interests in the proceedings.
If you’re considering selling your Lindstrom, MN townhouse as a short-sale, watch this helpful video full of tips that Doug and Sean put together!