What are the advantages and disadvantages of buying a short sale home?
Short sales often present an opportunity to buy a home for less than market value. This is common if the seller is motivated and the property needs some cosmetic updates. These homes can also come with less competition than traditional listings. Unlike foreclosures, these homes typically remain occupied. That means they’re often in better condition, and you can conduct an inspection.
However, short sales aren’t always the bargain they appear to be. You’ll need to work with the current owner and their lender to get approved, which means it can take months to get an answer on your offer. You’ll also be buying the property as-is with limited room for negotiation on repairs or closing costs. Work with a trusted real estate professional who is experienced in short sales if you’re prepared to wait and looking to stretch your budget.
Sources: Homelight.com, Investopedia.com
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