A good first step is to find an experienced Real Estate Agent that specializes in the location that you wish to purchase a property and let them know you are interested in buying properties in the Short Sale process. Often Agents are contacted by individuals who can no longer afford their mortgage and are looking to Short Sale their property. These agents need to then turn around and find a buyer for the property being sold. Often the bank or financial institution holding the loan will only approve a short sell if there is third party offer already on the property. If the Agent is aware that you are a buyer of properties in the Short Sale process they will often call you first to get an offer.
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Things to Consider:
- As a buyer you can purchase a property at a reduced price, but the property in all likelihood has its share of problems.
- You need to go into the purchase thinking of it as a fixer-upper type investment or purchase.
- Be prepared to go through a ?considerable amount of red tape in order to make the deal happen.
- Find a good Real Estate Agent to help navigate potential issues.
- Have a trusted Roofer,?Plumber,?Electrician, and Contractor take a look at the property to?evaluate potential repair costs?.
- If the seller decides to file a bankruptcy, the?short sell?will be?canceled?and your time will have been?wasted.
To find a reputable broker your first step should be talking to friends or neighbors and asking for recommendations. Make sure you find a real estate agent who is very familiar with your area. Look for agents who either live in your area, or who make a lot of sales in your community. You may want to consider using an agent who is a?Realtor. Realtors are licensed by the state and by the National Association of Realtors.
Source: https://www.sharewellnewswire.com/blog/tips-to-buying-real-estate-in-a-short-sale-snw/
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