Steel buildings are sustainable, energy efficient and flexible for customization. People, who are looking for long-term solutions to storage problems in residential and office settings, find these buildings extremely useful. Continue reading
Short sales have been a part of the real estate industry for quite some time, but it’s when the economy is experiencing a decline that the availability of these kinds of transactions typically begin to rise. In recent years, short sales have become more prevalent, and the average homebuyer is suddenly seeing this as a common option to consider. Because short sales often attract multiple offers at once, there are a few pointers homebuyers should give careful thought to before jumping into the process so that their chances of completing a successful short sale deal are increased.
Work With an Experienced Short Sales Agent
Short sales are considerably different from routine real estate transactions, and it’s not uncommon for lenders to deny many of the offers they are presented with. Having an agent that is experienced in short sales gives a buyer an advantage in several areas and can make a significant difference in whether an offer is accepted or not. They will prepare all the necessary paperwork involved in the process and help to determine the market value of the property so an appropriate offer can be made, reducing the chance of rejection.
Be Prepared to Be Patient
A successful short sale can only come as a result of having patience. Short sales are notorious for taking a long length of time to be finalized. Homebuyers that are in a rush to close a deal should probably go the more traditional route of purchasing a home, but if they have the time and patience to wait it out, they can receive a rewarding ending. It’s a good idea for buyers to agree to wait for approval instead of trying to rush it and continue their home search just in case their initial offer falls through.
Get Your Financing in Order
Even though short sales take longer to get approved, an offer is usually more appealing to lenders when the buyer has been fully approved for a loan beforehand and can show that they are ready to move on the deal if their offer is accepted. Since lenders are already taking a hit by agreeing to a short sale, they don’t generally want to take a chance approving someone who may not be able to come through financially in the end.
Don’t Expect to Negotiate Fees or Repairs into the Price
Buyers shouldn’t hold out for any extras to be negotiated into their offer price on a short sale property. Even if the need for repairs are found during inspection, it is improbable that a seller will agree to pay for those and will instead turn to another offer that is willing to accept the home as-is. A buyer may also gain more leverage if they agree to pay part or all of a seller fee.
Look For Already Approved Short Sales
Properties that have previously been given an offer approval by the lender, but for whatever reason are still available, may be easier to acquire. This gives buyers an idea of an offer amount right away, and if they decide to make a similar offer, it can result in a shorter wait period. Approved short sales are competitive, and buyers must be ready to act quickly should they find one they desire.
While short sales can be a bit of a challenge for both sellers and prospective homebuyers, they can also turn out to be a more favorable outcome for a seller than a foreclosure and a real bargain for a buyer if properly handled.
About the Author
Tiffany Olson loves all things real estate and home improvement. She lives in Northern California and blogs full time in several different capacities. When she’s not writing you will usually find her cooking, reading or making homemade beauty products.
In the current market scenario, affording a spacious apartment in a prime location is a difficult task as the prices of real estate are on a high due to less supply. In such a situation, people are more interested in rented properties or apartments available on rent. Continue reading
Sometimes it’s necessary to sell our home and sometimes we want the sale to go through quickly, for whatever reason. There are many different reasons why a person or family would need to sell their house and it is often a very stressful time for them. To add to this stress is the fact that many people end up in a buying cycle. This is where one sale must go through before they can purchase another home. Continue reading
Pets are a part of the family so it’s important to think of our furry friends when it’s time to make a move. Most perspective home buyers take the time to research highly rated schools and parks in order to find the best community for their children, why not do the same for your pets? Here are 5 ways you should consider and include your pet in the home buying process. Continue reading
Selling a house can be stressful at any time, but perhaps never more so than during the month or two leading up to your listing date. At this point it’s too late to do any major renovations, but there are many little things you can do to increase the value of your house in those last minutes before it goes on the market. Read on to discover a few quick, easy, and cheap ways that you can get the best possible sale price for your home. Continue reading
Giving a new look to the home interior is always fascinating. There are a number of ways that can be used to bring a whole new look to your house. Moreover what is important is that you don’t need to invest a lot of money for that, just some simple steps will help to get what you want. A mountain home is like all other homes, it is inviting, warm and has a feel of its own. Continue reading
Andy Fulton was kind enough to share this handy little infographic on the Denver home buying process. Check out Market Leader for more info.
Unlike smaller residential units like studio apartments and condominiums, villas may take longer to sell. While not everyone has the resources to purchase this luxurious type of real estate, you may also be facing some serious competition from other properties in the same colony. If you are seeking to put up your villa for sale, the following tips will help you quickly sell the bungalow! Continue reading
Hey! Check out the new MLS!