Things to Know Before Buying A Short Sale

When you spot a short sale house that appeals to you call you real estate agent so they can start doing research on it. Just because that home is listed as a short sale doesn't mean it's really for sale (it is still subject to lender approval), nor does it mean it will sell at the advertised price. Here are six things to know before trying to buy a short sale.

Comparable Sales for that Short Sale House: Some short sales are priced ridiculously low, so low it will be near impossible for a bank to accept. This is done to try and get the listing multiple offers and drive the price up. Be prepared to pay more than the asking price to get the bank to approve your offer. If you aren't prepared you should probably pass.

Mortgage Amounts, Number of Loans and Lenders: Ask your agent to research how much is owed against the home. Some lenders get a reputation for being difficult to work with and your agent will know more about these lenders.

Short Sale Sellers Qualifications: Find out if the listing agent has received a completed short sale packed from the seller and ask about the contents of that packet. Some sellers are slow to return these documents and some are never told they need to turn the documents in.

Number of Short Sale Offers Received: Homes priced upder market value will receive multiple offers. An agent doesn't have to tell you the terms of the offers but you can find out how many offers your's is up against. You wnat to make an offer than will beat the competition yet still be below market.

The Listing Agent's Short Sale Procedure: The short sale listing agent may decide to submit only the first offer to the bank and withold all other offers, although this is against the Realtor Code of Ethics (not all agents are Realtors).

Comments

[prashant]

short sell is very important decision while taking....

Boise real estate