Short Sale Homes

August 12, 2011

Short Sale Guides

In this article we will touch on a couple things regarding short sale homes. Some may be looking for information about buying a short sale while others may be looking for information about the condition of short sale homes. First we will talk about buying a short sale; this will be short because we recently wrote an article dedicated to the subject of buying a short sale.

If you are interested in information regarding buying a short sale then follow this link. Buying A Short Sale

Now if you’re wondering more about the general condition of a short sale then you should not be too concerned. These homes are mostly treated the same as any other on the real estate market. One small difference is that in a normal non short sale home transaction any repairs needed would be completed before closing on the property. In a short sale this may not always be the case. It’s typical for the buyer to be issued a credit to complete the repairs themselves instead of the seller finishing the repairs. It’s also not unusual for no credit to be issued and you the buyer will be asked to take on the financial burden of completing any repairs.

Most short sale contracts will include an ‘as-is’ clause shielding themselves from liability if major issues show up in the future. When writing up the contract you should allow yourself to withdraw from the deal if major problems show up. The banks are generally unwilling to lower their asking price even if problems arise.

While it’s very possible to get yourself a nice home below market value you must be careful when purchasing short sale homes. Purchasing a short sale is a lot like buying a used car; you don’t always know what you are going to get once you get it home. Always work with a short sale expert who can guide you the entire way and steer you clear of any pitfalls.

If you are looking for short sale homes listings then we may not be much help to you in your search. I would recommend you take a look at this site which may be able to get you going in the right direction.

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