Benefits of buying a short sale property
A short sale property is a house being sold by the owner for less than the amount they owe on their mortgage. In recent years, this property type has become a popular option for home sellers and holds plenty of advantages for buyers.
Buying a short sale property is definitely a good move. Here’s why:
You can get a better deal
Most sellers and banks want to avoid letting short sale properties stay too long in the market. So for a quick sale, these properties are listed within a much more affordable price range. Budget-conscious buyers who couldn’t afford houses in a traditional home sale are then given the opportunity to acquire short sale properties at prices that are easy on their pockets.
The homeowner’s eagerness to sell means buyers will have an easier time working with them. Sellers of a short sale property might also be more willing to negotiate the price.Lower offers are more likely to be entertained with short sale properties.
You will have less competition
Many buyers don’t have the patience to go through the process of a short sale transaction. Most first-time home buyers also don’t want to delve into the process because of its complexities. With less interest comes less competition when the time tobid comes. You also don’t have to worry about anyone coming out of the blue giving an offer that you can’t beat.
Short sale properties are in better condition compared to foreclosed homes
Unlike foreclosed properties, short sale homes are still occupied by the current homeowners. Because the owners still live in the property, it will be well taken care of during the sale with less risk of vandalism. You also don’t have to worry about squatters.
It will take a whole lot of reading to know what to expect when buying short sale properties but I can help you. Give me a call today at 912-210-8388 or send an email to MattPeedin(at)KW(dotted)com and be properly informed.