The greatest advantage in buying a house in a short sale is that you usually get a good deal. The homeowner owes more on the home than it is worth on the market. Depending on the condition of the home and negotiators, it can be sold for less than market value.
What you need to know:
1) You need an agent to represent you
a. An agent that understand the short sale process and your role in purchasing that property
b. Short sales differ from traditional sales so make sure that your agent is aware of that
c. Having an agent on your side helps you to avoid scams and successful make your desired purchase
2) You need to be patient
a. The selling price of the home must be approved by the lender, and in most cases that price changes from the initial listing price
b. To successful close a short sale, hours and hours of negotiating is involved
c. You should not attempt to buy a home in a short sale if you are wanting to move in soon, it will take a couple of months at least
3) You need to be ready to purchase on time
a. Once a price is approved by the lender you must act and close ON TIME
b. A closing date is established and that is a strict deadline. You must close by that date with the approved price.
c. Have your money ready to purchase the home because the deadline cannot be pushed back to allow you time to get your financials together
d. Do your part ahead of time so that when the green flag is drawn from the lender, you can make it a done deal
We’ve successfully completed more short sales since January 2010 than any other realtor in North Texas, resulting in favorable outcomes for our clients. Contact us if you have any questions: 972-342-0011