Should I Buy A Short Sale

Dated: 02/01/2018

Views: 89

Purchasing a short sale property is, to some extent, similar to a regular purchase transaction. However, there are some unique characteristics that every potential buyer should consider when planning on buying a short sale property.

Short sale properties are properties in which the current homeowner owes more (to the lender) than what the property is actually worth. Instead of going through the extremely lengthy process of foreclosure, lenders agree to allow the homeowner to sell his/her home for less than what they owe. Simple, right? Not quite.

In order for a short sale to be approved, all existing lien holders must agree to the short sale. The property must also be marketed for a certain period of time to assure the lender that the offers they receive are "bona fide." Furthermore, potential purchasers are advised to review the status of title to make sure they'll receive title "clean and clear." 

The process of purchasing a short sale property may be stressful and lengthy, but with the guidance of an experienced agent, the process is sure to go smoothly. 

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