When people are desperate, they usually make uncalculated moves that will affect the rest of their lives. They act depending on their emotions because they are not in a state that allows them to think clearly in a common sense way. The equivalent of this in the real estate world is when someone if facing foreclosure. While many people try to ignore the lender and suffer for the rest of their lives, there are others that would do anything to avoid ruining their credit rating.
On the other hand, if you are a buyer who wants to purchase a property, then you definitely need to think twice before you take any action. While there are a lot of good short sales and foreclosure deals out there, you need to see what's in it for you before you proceed. Here are four reasons where you should not consider short sales:
1- You're in a hurry:
This type of sale usually takes from 2 to 3 months to be cleared. For some buyers, that's considered a very long period especially if they need to move quickly. In this case, you might consider buying a regular equity instead.
2- "As is" homes:
When lenders accept these sales, they usually ask buyers to by them in their current condition. This means that the buyer occupies of everything, including repairing any damage, hiring a home inspector...etc. With this, you could literally end up giving away all the money you've saved in the first place by choosing this option. If you want to make sure that you're going to get something from this deal, you should hire an expert who will calculate all the maintenance costs for you so you see exactly what pond you're putting your legs in.
3- Multiple lenders:
Most real estate agents blink on this option, and this could result in a devastating damage to the buyer. Before you consider any deal, you should first see if the seller owes just one mortgage company or many. If you happen to fall into this trap, then you might wait for additional three months.
4- False short sale: ขายอาคารพาณิชย์
Sometimes, many realtors try to be smart by putting homes on the listings as short sales while the lender still didn't approve it. If you notice something like this, then you should walk away as you're only going to be wasting your time.
While there are many other reasons why you shouldn't consider buying a short sale, you really need to get help from a professional real estate agent who will tell you exactly if you're going to benefit from it or not.
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