If you’re looking to buy a home on a budget, the real estate short sale market is a good place to look. Not only do you get homes below the market price, you also get to help troubled homeowners. Sure, there’s always a risk involved when you buy short sale property, but it’s all a matter of planning and smart decision-making.
Below are some things worth keeping in mind to make sure you get the best short sale deal possible.
Take your time: More and more short sales are entering the market as we speak, so it’s a good time to take advantage of your choices. Look into every option and note the pros and cons of each offer. Chances are when you find something good, there’s something better just a block away.
Set a budget: Short sales may offer large potential savings, but regular home buying costs still apply. If you’re buying your first home, make sure to plan for things like closing costs, attorney’s fees and property taxes. An experienced short sale agent can give you an estimate of closing costs so you don’t get caught off guard.
Work with a professional: Each state has a broad network of agents who can help you buy or sell short sale property according to market standards. Not only do they get you a better deal, they also help you avoid common pitfalls such as overpricing or hidden fees.