Short sales are an amazing way to buy a home that you would otherwise not be able to afford. These are homes that are usually priced much lower than they are worth, which may make a dream home become a reality.
So what is a short sale and why are these house priced so low? A short sale is when a property sells for less than the balance owed on its mortgage. This usually means the current owner can’t afford to make the payments on the home and they are trying to keep the house out of foreclosure.
These homes are sold the same way as any other home. You can do a search for short sales in your area by entering something like schwartz sale san diego. Though if you are considering buying a short sale home, there are a few major things you should know. First and foremost, you should find an experienced short sale agent. Second, a short sale can take anywhere for three to nine months or longer to complete. And third, even though the seller accepted you offer, the bank can reject it even after possibly waiting for nine months.
While it may be a gamble, if you are not in a rush to move out and you would like to purchase your dream home, a short sale is definitely the way to go. This is your chance to get that huge expensive house that is now priced within your budget.
My husband and I were searching for our new home for a few years. We were unable to find a home that was nice enough and was within our budget. We had a wish list but we knew there was no way we would be able to afford a house with everything on that list.
Then one day, right after another house fell through, I saw the listing for my current house. I could not believe my eyes. I thought it was a misprint. I contacted my agent and she verified that the price was correct and that this was a short sale. At the time, I did not know what a short sale was, but I knew a great deal when I saw one.
The house had everything on our wish list and then some. We couldn’t let this house pass us by. The whole process from putting in our offer to closing took about 9 months and it was nerve racking but worth the wait. We now have our dream house. We will probably be in this house for the rest of our lives because there is no place for us to upgrade to, unless we win the lottery.
Disclosure: “Why Short Sales Are Such A Great Buy” is a sponsored post, however, all the points and views are my own.