5 Tips On Buying Short Sale Properties

5 Tips On Buying Short Sale Properties

short saleMany Fresno, CA homeowners are selling their homes before they get foreclosed on. When you buy a short sale, you will avoid problems that come with a foreclosed properties. Moreover, you will pay a lower amount. Here are a few tips for you to find the best deal when buying a short sale home:

Be patient

You must be prepared to wait since the bank or lender works separately from the home seller. Home sellers and/or agents normally set the selling price for a house. However, the bank is the final determiner of whether the home will be sold.  The bank holds the title of the home and in most cases, is not aware of the selling price. This can make the process take longer than expected. As a result, you might have to wait for months before you finally buy the home. You can contact a home loans Fresno CA lender for information on the final price that a short sale property will be sold for.

Don’t buy a house as it is

Never buy a house without inspecting it. This is because when you buy, the damages and other problems of the house become your responsibility. As cheap as it may seem, you may spend a fortune in repairs and maintenance. This will make the property expensive in the long run. Don’t buy a property if the seller cannot allow you to inspect it.

Deal with one seller with one loan

It is advisable to deal with a seller who has only one loan. When you come to an agreement with the home owner, sign the deal. Henceforth, deal only with the lender (bank). Do not give the home owner any cash. If you are asked for cash, just know it is a fraud. Homeowners are not supposed to get any money from short sales.

Use real estate agencies

Short sales are very attractive offers but sometimes you may find reasons not to buy a property on short sale. Real estate agents can find out everything about a property. They have experience and can easily tell when a house is going into foreclosure or when the homeowner is just a fraud. An agent will ensure that your deals go smoothly. Agents must also compare properties before they present an offer.

Consider “approved short sales”

Consider making an offer to an “approved short sale”. These short sales are usually already approved by the bank and take a short time. The offers are the most desirable, which makes them competitive.

Though short sales can last for months, they could be your ticket to buying a good home at a cheap price. These 5 tips will help you avoid a bad experience when buying short sales.

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