Get A Home Professional Inspection

Buying a home that is subject to short sale can be a bargain in price, but despite the deal it can be it isn't always the right choice for every homebuyer. The single largest pitfall about buying a short sale is that it is often 3 to 6 months wait just to find out if the seller is accepted by their lender's to sell the home as a short sale and that the seller's lender will accept your offer.  Here is a few useful tips if you are interested in buying a short sale home.

Buyers should be sure they have 3 to 6 months timeframe before they are required to move. If you are renting and your lease is up within a couple of months, you will need to try and make arrangements with your landlord for a few extra months.

Rely on a real estate professional for advise regarding the price. If the asking price is already below the neighborhood market price, then you may need consider your offer at or very near the asking price and request that the seller not accept other offers. Realize that in most cases the seller's real estate agent is still accepting other offers from buyers to send in for lender approval. You need to also know that the low price tag may have been to get interested buyers to make offers and that the decision to accept a price is still up to the seller's lender for acceptance.

Be sure that your real estate agent lists all items that are staying with the property on the contract, included but not limited to all appliances, ceiling fans, lighting fixtures, and window treatments. It would not be a bad idea to also take photos of the appliances, ceiling fans, and lighting fixtures. The seller is getting zero money from the sale of the home and in some situations, they may try to take or replace with lesser quality some of the items which should be staying with the property.

Buying Tips for Foreclosure Properties

Buying a foreclosure has its drawbacks, but also offer big profits for buyers and investors. Not every foreclosure will be a great deal. Here is a few useful tips if you are interested in buying a Foreclosure home.

Buyers with all cash are REO lenders' favorite purchasers. A list-price all-cash offer will beat out a conventional offer, even if the conventional offer is above list price. If the listing's conditions state "cash buyers only," it is unlikely the bank will consider an offer from any buyer who is relying on financing.

Offering a quick closing is very appealing to the seller and may help you get a lower price. A buyer does not need 30 or 45 days to close if the buyer is not obtaining a loan. Once the home inspection and other contingencies have been satisfied or released, a closing can take place in as little as 3 to 7 days.

Buyers should always get an inspection on the property they are seeking to purchase. This is especially true for foreclosure properties where their is often no disclosures from the seller regarding the condition of the property. Homes that are subject to foreclosure may been damaged by the disgruntled previous owner who lost the home to the lender in foreclosure.

More questions?
There are certainly many other questions that we are often asked when shopping to purchase a home, please take this opportunity to contact me for prompt, courteous, and professional assistance.