For buyers, snagging a short sale can be a great deal. You may have the chance to buy a home at slightly below its fair market value – but it has its downsides, too.
Advantages to Buying a Short Sale
Most sellers use a short sale as a way to avoid foreclosure. (Contrary to what many people think, foreclosure is a nightmare for lenders, too – it’s costly and time-consuming.)
That means if you buy a short sale, you’re likely helping the seller quite a bit.
However, there are other advantages to buying a short sale, too. Typically, you’ll be able to buy the house at a shade below (or, if you’re lucky, quite a bit below) its fair market value. That can give you the opportunity to buy a house you couldn’t ordinarily afford.
Disadvantages to Buying a Short Sale
The biggest disadvantage to buying a short sale is that it takes a while. An ordinary transaction can close in about 45 days, give or take – but a short sale takes much longer because the lender has to wade through the deal and make sure it’s as advantageous as possible. Even when you and the seller agree, there’s no guarantee that a lender will approve the sale, which means your long journey could end in disappointment.
The bottom line is that you should talk to your Charlotte Realtor® about all your options. He knows the market, and he can help you find the perfect home in your price range.
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