Short Sales are still out there and Grayhawk has a few to choose from. Most buyers are looking for a short sale specifically for the discount but some first time buyers and even repeat buyers may not even know they’re looking at a short sale without the confirmation from their agent. If you’re looking at buying a short sale home you should know that there is a difference between a foreclosure or bank owned property and a short sale. A short sale is where the homeowner has agreed with the lender to sell the property for less than they owe on the home. Many homeowners are still living in the property and are working with the lenders to get the property sold. A foreclosure home or bank owned property is where the previous homeowners have neglected communication with the lender is simply walked away from the home. The property is now back in the hands of the primary lender.
Regardless of what type of home you choose, here are four secrets to buying a short sale home that may also apply to a foreclosure.
Now, this is not to say that the home will be completely trashed and you will have thousands of dollars worth of work but, if you prepare for the worst you might be pleasantly surprised. Not all foreclosure or short sale homes are in grave disrepair. Many homeowners are still occupying the property maintaining landscaping and any maintenance that the home requires. However, there are some homes that have been completely trash that you need to be aware of. This is why a home inspection is so crucial when purchasing a short sale or foreclosure property.
Regardless of what type of home you are buying a home inspection is vital to understanding the property inside and out. This is one of the biggest investments you’ll ever make and not understanding as much as you can about it could lead to problems in the future. Have a professional inspection completed from someone that specializes in short sales and foreclosures. Accompany them through the home inside and out during the inspection asking questions and gaining as much detail about the home as possible. Make notes if anything needs to be repaired or addressed immediately and others that might be appropriate to put off for some time.
Short sales are anything but short. This is not a cut and dry real estate transaction between a buyer and a seller; And lender is involved which could extend the time frames out extensively. Be prepared and patient during the home negotiation process. As your real estate agent I am diligent in communication and requiring immediate responses however, lenders don’t always stick to the three-day request timeframe. Be patient and if you truly love the home, you’ll stick it out through the end.
Frustration is apparent on both the buyer and the seller’s side during a short sale transaction but this shouldn’t deter you. Simply understanding that you may feel frustration over time frames, lack of communication from the lender or additional documentation needed, can help ease the frustration in general. When you prepare for it is not as shocking if the lender needs specific proof of a job you are at five years ago or your lender needs additional information or identification. Short sales are tricky but you can also gain a great deal if you are patient and understand the process.
Read more: Short Sale Myths
There are several short sale homes in Grayhawk typically priced 5% to 20% below market value. If you’re looking for a great deal and you have the time and you’re ready to tackle the process, you can gain a home with instant equity in a great neighborhood. Give me a call today or start your online search for all Grayhawk short sales today.