If you’re in the market for a new house, you may already know that purchasing from a standard seller isn’t your only option. Many homeowners fall behind on their mortgage payments and end up forced to sell the house for less than it’s worth.
This can be devastating for the fledgling homeowners, but it presents a unique buying opportunity for you. A short sale in particular is a common type of transaction that allows a homeowner to avoid foreclosure while also giving a buyer a great deal on a valuable home.
If you’re considering a short sale, these tips will help you have the best experience possible.
Remember the Home Inspection!
A home inspection occurs before a home is sold in order to examine the condition of the home and identify any problems. While a home inspection doesn’t cover every single source of potential issues, it does allow for a visual evaluation of a property from top to bottom, including all main systems. The most important items include structural components, exterior features, the roof, plumbing, heating, cooling, and electrical systems, and insulation and ventilation.
You want to tag along for any short sale home inspection so that you can learn about any problems and gain a realistic understanding of what it might cost to fix everything. If termites, mold, or structural damage are common in your area, it is also a good idea to hire a specialized inspector to check for those more expensive problems. Once you have all of the facts, you can make an informed decision. Continue reading “Should You Buy That Short Sale Home?”