Short sales might be uncomfortable situations for the sellers, but it is often better than seeing properties turn into foreclosed houses.
However, both offer a great opportunity for buyers and Realtors alike - these types of listings could be had rather affordably, and that might be the perfect chance for first-time buyers or other less-confident parties to purchase real estate.
Buying short sales takes planning
While the price of a short sale might have buyers excited, this kind of transaction shouldn't be rushed. It is often up to the real estate agent to help facilitate the deal, and that means having a good understanding of the process.
Patience is very important, according to the Southeast Missourian. Short sales might take longer, and a calm and experienced Realtor could make the process easier for everyone involved.
"There are so many short sales and foreclosures on the market...we really need the experience and need to know what we're dealing with," Wanda Duncan, a broker and associate of Realty Executives of Cape County, told the news source. "You represent the buyer and you have to let the buyer know what the steps are and how long it's going to take. It's not a 30- or 45- day closing - sometimes it takes months. You have to be sure to counsel the buyer: How bad do you want the property, and are you willing to wait for it?"
In addition, costs might add up, the news source noted.
A real estate agent should be able to make every fee known ahead of time, and Courthouse Retrieval System offers property data, mortgage records and much more for any professional looking for in-depth information.
Positives of buying a short sale
While the entire process might feel overwhelming at first for many buyers, there are some good reasons to pursue this type of sale.
First and foremost, the price might be nearly unbeatable. Short sales and foreclosed houses are typically some of the most affordable properties on the market, making them solid options for first-time buyers or real estate investors.
Many lenders are also willing to compromise financially in order to start receiving payments once more, creating more chances for cheaper terms, according to Bankrate. Very few other listings will offer as good of a deal as short sales do.
However, the process could be tricky, making the need for an intelligent real estate agent that much greater, the website noted. The more a Realtor knows, the better they could help the process along.