By preparing for a real estate short sale, you can emerge with a great home at a favorable price. If you are entertaining a short sell purchase you need to keep in mind that this type of real estate sale can be lengthy and difficult, but if you have done your homework and you understand what you are facing, you can end up with a great deal. (photo/Getty Images) The following are some great tips provided by HouseLogic to get you started on background information surrounding short sales.
6 Tips for Buying a Home in a Short Sale
Published: March 19, 2010 By: G. M. Filisko
When sellers need to sell their home for less than they owe on their mortgage, they’re shooting for a short sale. Short sale homes can sometimes be bargains, but only if you do your homework, stay patient, and remain unemotional during the sometimes lengthy and difficult short sale process.
Here are six tips for protecting yourself emotionally and financially when bidding on a short sale.
1. Get help from a short sale expert
2. Build a team
3. Know the home’s fair market value
4. Expect delays
5. Firm up your financing
6. Avoid contingencies
Link here to read the complete article from HouseLogic.
Note: This article includes general information about tax laws and consequences, but isn’t intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.
