Buying a Short Sale in Shorewood, IL
Short sale purchases are complicated transactions that require knowledge and experience. The first step to buying a short sale in Shorewood is to determine if this type of transaction is right for you.
You'll need to ask yourself the following questions:
1) Am I a patient person? Short sales take an unknown and often substantial amount of time to complete. The time from accepted offer to closing could be as little as 60 days or as much as 1 year (or more). If you answered YES, keep reading!
2) Am I willing an able to make repairs to the property? The typical short sale has had regular maintenance deferred by the seller as they (usually) have little money or desire to keep the home up. You should expect to paint, replace carpet and take the home AS-IS. The seller will make no repairs for you (unless they may be required for your loan). If you answered YES, a short sale could be for you!
3) Am I looking for a deal? Short sales offer the opportunity to buy a home for less than full market value. Because the seller will receive no money at the sale, they are willing to offer the home for less than market value and the lender prefers to sell via short sale than foreclosure. Duh, who doesn't want a deal?
4) Do I need to sell my current home before buying the short sale? If NO to #4 and YES to #1, #2 and #3, you are likely to be a good candidate for a short sale purchase!
5) Do I have a preapproval letter dated in the last 60 days? If YES, call Steve Roake at (815) 603-0077 and I'll be happy to show you short sale homes that are in your budget. If NO, call Steve Roake at (815) 603-0077 and I'll get you in touch with a lender that can get you preapproved to buy a Shorewood short sale.
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