Short Sale properties are properties being sold for less that what is owed to the lien holders. Sometimes they present an opportunity for a home to be purchased below it's actual value. There are things a buyer must consider before considering the purchase of a short sale property.
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Are you in a position where you can wait 3-6 months (or more) for the lenders approval of the sale?
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Banks are not likely to consider a "contingent on sale" contract.
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The lender will be making the final call on price and terms of the contract.
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How willing are you to consult an attorney regarding inspections, earnest money, ect.?
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Are you willing to be responsible for agent compensation if the seller refuses to pay?
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Sometimes there are utility bills, taxes, ect. that must be brought current.
If you are interested in the purchase of a short sale property please contact me to discuss details. I would be happy to help you!
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