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Buying Short Sale Houses The Right Way

Posted Sunday, March 22, 2015

Short sale houses are a wonderful way for home buyers to get good deals, and people looking for a bargain should learn how to buy from a short sale properly. We buy houses with price, style and location in mind, and you are in control of the price when you are purchasing in a short sale. Use the suggestions below to get the best deal on your next purchase.

#1: Why The Short Sale?

Short sales happen for many reasons. You may not know the full set of circumstances of the short sale, but you can ask what happened to the previous owners. People who had to leave town in a hurry often did not have time to prepare the home. People who allowed the house to go into foreclosure might not have taken good care of the house, and people who fought to keep the house likely took good care of it. You can glean the true condition of the house with this tiny bit of information.

#2: Bidding

Short sales are arrangements where the lender has already agreed to take a loss on the house. They will sell the house, but they are not expecting to make any money on the home. You can bid low on these houses because the lenders often want to get them off their hands as fast as possible. The lender is writing of their loss, and you will benefit from the lender needing to unload the property. Bid as low as you believe is respectful to garner a massive discount on the property.

#3: Moving In

You may find items that were accidentally left behind by the previous owners when you move in. Taking over a home in a short sale may leave you with things that you would want the previous owners to have. Ask for the lender for information for the previous owners to send their things back to them. There are also cute portions of the house that make it feel like a home. You can leave some of these parts of the home intact when you sell it to you buyer.

We buy houses thinking of the price, but we must consider the circumstances of a short sale. You can get a home that is in good condition when you ask the right questions, and you can help to maintain the dignity of the previous owners once you take possession of the property.