Buying short sale property is a good choice for homeowners looking for houses at a relatively lower price. According to Investopedia, “a short sale is a home that is available at a purchase price that is less than the amount owed by its current owner.” It is a long and vigorous process before approval but is worth the wait. So here are some tips for a successful short sale property purchase.
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Housing Market News – Short Sale Property Tips
1. Research and connect
Before buying anything, it is a must to gather facts about the property first making decisions. You can interview real estate agents and attorneys to know who can negotiate best. A good agent can find sellers where they have a connection with. This will help you get a good deal and find a short sale house which is still in good condition. Your attorney will sort out any problems in records, titles, liens, any bankruptcy filing, and other factors affecting your deal.
2. Settle all requirements for mortgage application
If you’re purchasing short sale property through a home loan, you should take good care of your credit score. So to do this, don’t ruin your record by spending on expensive products you can’t afford. Also, avoid making late payments. In addition, you should also obtain pertinent documents like income tax returns, proof of income, and statements of savings and investments.
3. Investigate before buying short sale property
You should search for courthouse listings and databases online to identify if the property is preforeclosure or not. Also, research as much as you can to get the property’s value if you’ll sell it. You should also know how much works or fixtures it needs, tax amounts, and nearby important facilities like school or stores. Do not buy properties owned by a seller who filed for bankruptcy.
4. Help the seller convince the lender
You should work hand in hand with the seller to persuade the lender to give a short sale. It would help if you make an offer which is close to the seller’s offer. Be patient and persistent in following up for approval. Most of all, don’t hesitate to reject bad deals and look for another one.
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