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Planning to purchase Short Sale

Saturday, December 5, 2009

Buying a short sale has no guarantees! OK, so you have decided you want to buy but don't really want to spend the money and decide that this route will get you the most for your dollar. Well I am here to share just a few negatives as you move forward. It's not to say that there are not great buys with a Short Sales but there are red flags that you should be aware of. From my REALTOR point of view I am obligated to show you properties that meet your criteria. Just remember the old saying that "If it sounds to good to be true" it probably is. A short sale property is in many cases in need of a lot of work to bring it back to a livable property. Please consider as you set your sites on this "bargain" what it will take financially to restore this property. Sometimes that aspect becomes a wash but the "now you have it now you don't" can be trying. Be sure that you are working with an attorney and have all documents pass through them before you sign or agree to anything. Happy to say I just closed a short sale for my buyers that was infact a great find in very good condition. It is a great day when I have had a hand in this sometimes stressful transaction.