Real Estate Articles | Published: Wednesday, January 19 2011
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5 Things You Should Know About Buying a Short Sale Home

Buying a home through a short sale can be advantageous. Some home buyers utilize a short sale to acquire real estate at an extraordinary value. However, anyone considering a short sale purchase should educate themselves and approach such a transaction with a great deal of caution.

1. Get a home inspection
   Often a home that is going up for sale can be described as a fixer-upper. Potential buyers should have their own inspector review the property and make suggestions for repair before the buyer enters into negotiations. Any bids should take into account the cost of repairs must be made once the sale is complete. Even a newer home that appears to be in terrific shape should be inspected. There is no telling what kind of shoddy workmanship may be lurking in the basement without having the assistance of a competent inspector.
2. Is the home really a bargain?
   Some homes may not be the bargain they appear to be. Consult an experienced Realtor or conduct Internet research to find out what other homes in the area that are comparable in size and amenities have sold for recently. This may lead to the surprising discovery that the home is not the biggest steal on the market. Also, take a look at the points number once again. How much will the new home's owner have to spend to make the short sale home a dream home?
3. Hire an experienced Realtor or an Attorney
   Buying home properties that are short sales is not the same thing as buying any other house. It can be a complex process requiring specialized knowledge to complete the transaction to the home buyer's satisfaction. Before hiring a Realtor or an attorney to assist with the transaction, the buyer should interview them regarding their experiences with these types of sales. If the Realtor or attorney have never handled this type of transaction before, leave, and find a professional who understands the short sale process inside and out.
4. Take a look at financing options
   It is possible that the financing company which holds the mortgage on the property is willing to finance the new buyer. In some cases, a short sale is a more attractive option to the lender than a foreclosure would be. At least if they can arrange the sale, the lender still has someone making monthly payments on the property. They may offer a very good interest rate, but don't be afraid to comparison shop.
5. Extra paperwork
   Fill out all paperwork with the assistance of a Realtor or attorney. There may be additional paperwork, a different application, that is unique to this process. Use the advice of experienced professionals to make this task a breeze.

Buying home properties via short sales can be financially advantageous, but only for consumers who are educated about the process and enlist the help of professionals. With their assistance, home buyers just may end up purchasing their dream home at an extraordinarily low price.

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