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Short-sale buyers purchase homes for less than the mortgage balances on the homes.
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If you're in the market for a new home, a short sale can provide a nice home for an even nicer price. Short sales have a well-earned reputation for being lengthy, however. If you're interested in purchasing a home through a short sale, prepare yourself for a long wait between making an offer and closing the deal. Know too that some deals will fall through and never make it to close. When you do land a home and get the deal done, the home will likely need at least a few repairs. If you're willing to put in some time and sweat equity, however, a foreclosure can turn into a great home for you and your family and ultimately provide a healthy return on your investment.
Getting a Deal
Anyone selling their home in a short sale is doing so because they're in financial trouble. These sellers already know the house won't sell for what they still owe on it and that breaking even isn't even an option. A short …show more content…
Sometimes, though, angry and heartbroken property owners facing foreclosure and eviction don't go quietly. Instead, they intentionally cause expensive damage to the home. Foreclosed properties may also sit empty for months, which can cause mold and other issues. In a short sale situation, however, the homeowner usually still lives in the home. They're also fairly cooperative, since a higher sale price reduces what they'll owe the bank. The result is that a short sale allows you to get a good deal without risking the expense of fixing the major issues you could buy along with a foreclosure. It's not all sunshine and roses, however. Sellers in a short sale are struggling financially and may not have been able to maintain the home properly. With a short sale, you can expect fewer maintenance issues than you would get with a foreclosure, but don't expect a home completely free of
Caption
Short-sale buyers purchase homes for less than the mortgage balances on the homes.
Alternate Text
Group
If you're in the market for a new home, a short sale can provide a nice home for an even nicer price. Short sales have a well-earned reputation for being lengthy, however. If you're interested in purchasing a home through a short sale, prepare yourself for a long wait between making an offer and closing the deal. Know too that some deals will fall through and never make it to close. When you do land a home and get the deal done, the home will likely need at least a few repairs. If you're willing to put in some time and sweat equity, however, a foreclosure can turn into a great home for you and your family and ultimately provide a healthy return on your investment.
Getting a Deal
Anyone selling their home in a short sale is doing so because they're in financial trouble. These sellers already know the house won't sell for what they still owe on it and that breaking even isn't even an option. A short …show more content…
Sometimes, though, angry and heartbroken property owners facing foreclosure and eviction don't go quietly. Instead, they intentionally cause expensive damage to the home. Foreclosed properties may also sit empty for months, which can cause mold and other issues. In a short sale situation, however, the homeowner usually still lives in the home. They're also fairly cooperative, since a higher sale price reduces what they'll owe the bank. The result is that a short sale allows you to get a good deal without risking the expense of fixing the major issues you could buy along with a foreclosure. It's not all sunshine and roses, however. Sellers in a short sale are struggling financially and may not have been able to maintain the home properly. With a short sale, you can expect fewer maintenance issues than you would get with a foreclosure, but don't expect a home completely free of