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Tips for purchasing a short sale home

By Caitlin Bricker on March 11th, 2011

1 Comment

Are you interested in buying a short sale? Depending on where you live, you might find a lot on the market. Astute buyers often seek out these listings in the hope of getting a great deal on a home.

However, short sales can be challenging. They often draw multiple buyers, who compete for the winning bid. It can take a while for all the paperwork to wind its way through the approval process.

A short sale occurs when a house is sold by someone whose outstanding mortgage balance is more than the house is worth. The owner works with his bank, which must agree to accept less than it is owed on the house. As a result, short sales often take longer than a traditional sale.

Here are some tips to successfully purchase a short sale:

 

Post Author

avatar Caitlin Bricker
Caitlin is a member of the @C21 social media team. When she’s not scouring Twitter and pop culture blogs for the latest celebrity real estate news, she’s experimenting with new recipes, planning her next European travel adventure, and scoping out her ocean front dream home complete with a wraparound porch and Adirondack chairs.
View all posts by Caitlin Bricker

One Response to "Tips for purchasing a short sale home"

  1. Just read the short sale article and wanted to share something I learned from a short sale I closed on last month. The list agent actually told me that the bank likes to net 88 percent of the appraised value after all costs are figured in.

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