As you know, there are several options when it comes to buying a house. Some of them might be suitable for some of you, but others might not be for the rest. Many experts try always to force us to believe that a specific option is the best for everyone. Some of them advise buying equity, while others say that foreclosures could be gold mines for buyers. The most important thing I need you to have in mind is to see what's suitable for your particular situation in order to get the best out of your buying experience.
For those of you who don't know what short sales are, they basically happen when a home owner has a mortgage balance that is more than what the actual value of the house. If the home owner isn't able to afford any mortgage payments, they can apply for a short sale and wait for their lender to approve it. In the case of short sales, the lender actually accepts losses for the sole reason of not going into foreclosure. For buyers, these sales could be very rewarding. However, there are cases where these sales aren't really advised. In order to help you decide whether to proceed with them or not, here are some cases where they are not advised:
1- You don't want "as is" homes:
When lenders usually approve these sales, they agree to sell them in their present status. This means that the lender will sell the house without paying for any inspections or repairs. If you look at it from a logical perspective, you'll instantly realize that the lender is already taking losses by agreeing to forget the remaining mortgage balance, so why they would pay extra money?
2- You don't want to wait for a long time:
These sales usually take about 3 months to process. For many buyers, it's considered a very long time. Sometimes the property could have 2 mortgages from 2 different lenders, and that will take double that time.
3- You have no control over the deal:
With short sales, buyers don't have control over their transaction. The seller's lender has all the control over the transaction as when the deal will be closed.
These are probably the most popular reasons why people shouldn't choose this option. It's true that there are many real estate investors who make a lot of money from flipping those properties, but I can tell you that they are rewarding only for ฝากขายที่ดิน experienced people. If you plan on proceeding with this type of sales though, then I advise you to seek professional help from and expert short sale agent.
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