Foreclosure Homes vs. Short Sale Homes for Sale
Are you looking for short sale homes for sale? If you try to hit the housing market for the first time or you are a seasoned buyer, it is advisable that you must be on the lookout for short sale homes for sale. So here’s your guide when you are choosing between foreclosure homes vs. short sale homes.
The Risks of Foreclosures and Short Sales
Foreclosures and short sales entail more layers in the buying process, so you have to do your homework. Let’s dig deeper. In the case of bank foreclosure, the bank is the one that sells the home. Considering the fact that the bank never lived at the home, they do not have so much idea about the property. Also, the bank requires a lot of paperwork. Worst, you might find out in the long run that there’s a major problem behind, just like properly line issues or previous leaks.
On the other hand, when buying a short sale, the seller has to work with the lender for approval. With this in mind, the owner tries to sell the property less than the amount of property. Hence, they need the bank that is not always a guarantee. This might end up to an instance where the home buyer has to wait for months before the deal is approved only to find out that the bank declined it.
Why Consider Foreclosures and Short Sales
While there are underlying risks in buying a distressed home, it does not necessarily mean that they do not promise any benefit. There are also reasons why to consider a foreclosure or short sale property.
Keep in mind that distressed sales are usually priced from five percent to fifteen percent lower than the current market value. Also, do take note that foreclosure homes are not necessarily dumps. A good way to minimize the risks involved in both options is to search town records for previous building records. You might also want to have the home inspected before making any deal.
Choosing between foreclosure homes vs. short sale homes entails lots of considerations. However, if you have patience, we can find you a good deal in the housing market and help you save money. Whatever the route you choose, make sure to consult with any of our foreclosure and short sale specialist to guide you through the process. We have many years in the real estate industry, and we have thousands of listings available for you to choose from. Don’t hesitate to call us at 1-877-531-1555 or click here for our contact form.