As you know, short sales are more common these days than they were a few years ago. The reason according to many experts is the unstable economy we're living by today. Foreclosures also have taken the lion's cut of the overall properties purchased in the US. The number one reason for such a problem is the various hardships people fall in today because of some miscalculations they did or sometimes just bad luck. We see people everyday losing their jobs because their companies couldn't afford to pay them anymore. For people who used to pay a mortgage to maintain their houses, it will no longer be a viable option when they experience job loss. Short sales happen basically when the market value drops and you find yourself with a property that's worth less than what's owed by your lender. If you are unable to afford any mortgage payments, then you can request to short sell your property and wait until your lender approves it. These sales are probably the best way to avoid foreclosure and prevent your credit from hitting rock bottom (it will drop with short sales as well).
On the other side of the equation, if you are a buyer looking to get a great deal, then you might consider buying a short sale. These sales could be very beneficial and rewarding, especially if they were processed by an expert. I know that many of you might probably be resistant of the idea of buying these types of sales, but I can tell you that real estate investors who flip those properties make a huge profit out of them, so why wouldn't you do the same. However, before you decide if this option is the way you should go, here are 4 things you need to know first before you proceed:
1- You probably can't handle them by yourself:
While these sales could be very rewarding, they can involve a great deal of paperwork and procedures. If you want to get the maximum out of your deal, you need to hire a professional short sale agent or at least a real estate agent who has some experience in this type of sales. This way you will rest assured that you deal will go smoother as you have expected.
2- They take longer:
Short sales unlike other types of sales, take longer to process. If you are in a hurry, then you need to get yourself another option. However, if you're not, then you can proceed with your sale. They usually take from 2 to 3 months to ทาวน์เฮ้าส์มือสอง process, but I can tell you that once they do, you'll never regret it.
3- Most of them sell "as is":
This is probably the most annoying problem that keeps people away from these types of sales. Because the lender is already taking losses by accepting the house to sell less than what their existing home owner owns them, they will not spend additional money on repairs, because that will amplify their losses. However, if you manage to find a home that is in a very good shape, then this problem will be obsolete.
4- They could have 2 mortgages:
The first thing you need to do before you even think on buying a short sale is asking the home owner if the house is on 1 or several mortgages. While a short sale on one mortgage can take 3 months to process, a 2 mortgage one can literally take forever.
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