Whats so bad about buying homes that are Short Sales?

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Whats so bad about buying homes that are Short Sales??

3 Comments
  1. Reply
    SmartA$$
    June 26, 2011 at 10:20 am

    There’s nothing bad about it. Just make sure you have a reputable title insurance company. This insures that you aren’t held liable for any existing liens on the property.

    The only other downside to buying short sales is that it can mean extra paperwork and extra hassle and possibly a longer wait until the final closing of the deal. Plus the bank can always reject the sale and send you back to square one. However, if you are getting a good deal on the property, these things are all worth the risks.

  2. Reply
    blackfeatherbird
    June 26, 2011 at 11:07 am

    They are risky since alot of times they are being sold as is or caveat emptor. You really need to make sure that you get a drawn out inspector’s report on a home like this and have the seller’s home disclosure statement “IN HAND” so that you will have recourse if something is misrepresented or written up fraudulently. Be careful of the realtor or owner “puffing” the sale to make it look good or like you are really getting a good deal on the house. Homes like this usually have BIG problems that need to be addressed and cost more than it’s worth to have professionally fixed. Leave it up to the pros to buy these homes who know how to flip a house professionally and with the least amount of money.

    You’re better off buying a home for $ 20-30,000 more if it will save you time and a big headache in the end.

    Not recommended.

  3. Reply
    marc_mgmt
    June 26, 2011 at 11:41 am

    I do Short Sales for a living and if the short sale process is done correctly, you can purchase a house with a lot of equity. Having a good mortgage company, attorney and title agent who understands the process helps greatly. These deals must closed in a specific amount of time.

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