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Short Sale – Good Choice for You?

Article by A. Koppens

Would-be homebuyers on a budget are looking for a extraordinary bargain, and buying property in a short sale is an attractive option. Before you begin looking, it is vital to do research to ensure that you thoroughly comprehend the negative and positive aspects. To begin with, what exactly is a short sale? In basic terms, it is when real estate is sold for less than the sum that the owner owes on their loan. Many times, the lenders will, in turn, accept this sum and pardon the owner’s left over debt. This course of action usually occurs to circumvent a costly and time-consuming foreclosure.

Now that you know the definition, it is time to examine the positive and negative aspects of pursuing property in short sales. Start with the likely pros. First and foremost, you will save a great amount of money by purchasing a home for a smaller amount than its true worth. Also, this will usually result in instant equity for the buyer. In most cases, properties in short sales are in better condition than homes in foreclosures.

Begin by searching out short sale properties for sale. You can either carry out your own hunt online or in assorted publications, or you can employ a real estate agent to help you find potential homes that fit your requirements and match your preferences. Make sure that the property is lender-approved, and, if it is not, be prepared for the risk associated with proceeding in such circumstances. Owing to the complex nature of these types of sales, it is recommended to search out expert assistance once you’ve found a home that you are interested in buying. If you recruited a real estate agent, he or she will be able to assist you.

Once you have discussed the particulars of this deal with your real estate agent, it’s time to set up a purchase offer. Professional support is crucial for this step in the process in order to resolve on an appropriate price. You must also include certain documents with your purchase offer. Present a copy of your loan preapproval and your earnest money down payment to the lender. You may also want to set a time limit for the lender to answer. Don’t be hesitant to hire a home inspector to go over the home you are interested in buying. If the bank approves your purchase offer and the inspection goes well, you can then fill out the necessary paperwork to complete the process of buying property in a short sale.

About the Author

Find a home in Southern California: La Jolla Village Gated Real Estate and Lakeside Condos for Sale and Lemon Grove Affordable Real Estate.

Pardon the mess behind me, I’m in the process of reorganizing my room. Music: Windowpane by Opeth.
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