Are there risks with buying a Short Sale or Pre Foreclosure home?
No, not really. A Short Sale is when a home seller is selling their home for less than what they owe the bank. There are many reasons why a home owner may be doing this, but it may just be necessary to sell their home.
Tips for Buying a Short Sale of Pre Foreclosure Home:
- Make sure title insurance is in place.
- Verify that title is clean.
- Make sure that a foreclosure date, if there is one scheduled, is not too close to interfere with your transaction.
- Try to defer any costs, such as inspections or appraisals, until you have Short Sale approval from the current Lien Holder.
- The Short Sale negotiating process can take quite a bit of time. You must be willing to be patient and be prepared that the bank may decline or counter your offer.
- Consult with a professional Realtor® with Short Sale transaction experience.
Suze Orman explains tips and risks with buying Short Sale homes in this video.
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The Trey Affolter Team, Keller Williams Realty, always welcomes comments and is available to answer questions about Tacoma Real Estate and the surrounding cities within Pierce County Real Estate, South King County Real Estate, and North Thurston County Real Estate.
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