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The biggest benefit to buying a short sale home is the chance of finding a great deal. And unlike with a foreclosure, a short sale home is likely to be in good condition. Often, the current owner will be still in residence and keeping up basic maintenance. A foreclosure, by contrast, might be in disrepair.
Can You Negotiate A Short Sale? It is entirely possible to negotiate a short sale, but doing so can be a time-consuming process. Instead of negotiating with the seller alone, as is the case with most traditional sales, short sale negotiations must be approved by the lender, too.
Short sale properties are sold \u201cas-is,\u201d which means you won't be able to negotiate a lower purchase price if there are problems with the property. However, you should still know the condition of the home you're buying before you decide to close on it.
7 Disadvantages of Buying a Short Sale Long Process. ... Subject to the Mortgage Lender's Approval. ... Lender Could Counter, Reject or Not Respond. ... Opportunity Cost. ... Property 'As Is' ... Is the Seller Approved? ... Lenders Prefer All Cash or Large Down Payments.
7 Disadvantages of Buying a Short Sale Long Process. ... Subject to the Mortgage Lender's Approval. ... Lender Could Counter, Reject or Not Respond. ... Opportunity Cost. ... Property 'As Is' ... Is the Seller Approved? ... Lenders Prefer All Cash or Large Down Payments.

People also ask

No cash-out A short sale means they won't earn any profit from the sale of the house - the bank or mortgage lender gets all the sales proceeds.
The biggest benefit to buying a short sale home is the chance of finding a great deal. And unlike with a foreclosure, a short sale home is likely to be in good condition. Often, the current owner will be still in residence and keeping up basic maintenance. A foreclosure, by contrast, might be in disrepair.
Short Sale Benefits For Buyers Discounted price: Although the short sale property will be priced according to market value, the lender is highly motivated to sell in order to cut the bank's losses. As a result, buyers can often get a better deal on the home than they would if it was purchased through a typical sale.
When making short sale offers, the following tips will help investors get their offers accepted. Provide A Strong Earnest Money Deposit. Simply put, an earnest money deposit reveals how serious a buyer is about a property. ... Do Your Homework. ... Make Sure The Short Sale Is Lender Approved. ... Give The Bank Ample Time For Approval.
The biggest benefit to buying a short sale home is the chance of finding a great deal. And unlike with a foreclosure, a short sale home is likely to be in good condition. Often, the current owner will be still in residence and keeping up basic maintenance. A foreclosure, by contrast, might be in disrepair.

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