If you’re thinking about buying a short sale, your Charlotte Realtor® can help you find the best possible home – and you’ll do even better if you follow these simple tips for buying a short sale.
3 Tips for Buying a Short Sale
First things first: It’s probably in your best interest to work with an experienced real estate agent if you’re buying a short sale. These types of transactions are typically very complex and time-consuming, and most people find that it’s best to have a seasoned professional along for the ride. Your agent will answer your questions and make sure you’ve dotted all your Is and crossed all your Ts.
Short Sale Tip #1: Don’t Lowball
The lender is looking to recoup as much of its money as possible, so if you make a lowball offer, the lender is most likely going to reject it completely. The best price you should expect is just a shade under fair market value, so make your offer similar to what it would be on another house in the same price range.
Short Sale Tip #2: Skip Homes With Multiple Mortgages and Liens
The process for approval has to go through every lender and lienholder on a property, which can drag a transaction on for several months (or more). If there’s a property that has two mortgages, you’ll have to go through the process twice… you get the picture.
Short Sale Tip #3: Don’t Try to Cheat the System
You can’t buy a short sale from a friend or family member and then rent it back to them. That’s against the law, and it’s most likely going to be denied anyway.
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