Find Cheap Houses with Short Sale
If you are looking for cheap houses for sale, you should consider asking your realtor about short sale and foreclosure homes in your area of choice. To make the most out of buying a home on short sale, here is our handy guide:
What is Short Sale?
When a homeowner falls behind on their mortgage payments, so much so that the outstanding payments exceed the value of the house, then they are forced to sell the property in a short sale. To do this they need to contact a realtor to help them find a buyer who is willing to pay market value for the property. Once a buyer is found, the seller and his realtor have to submit a petition to the bank or lender to release the lien on the property and to let them sell it at the market price. If this process is completed quickly enough, the seller can often avoid having to go into foreclosure. Also, the quicker the process goes, the more likely it will be that the property is sold at a very reasonable price.
The Benefits of Buying a Short Sale
Buying a short sale home is hugely beneficial – especially with enough patience and the right realtor. An experienced and knowledgeable agent will help you secure the home of your dreams for best price possible. Particularly in the current housing market, you will be able to find a short sale home that hasn’t had a big increase in market value yet. Also, if the bank has already negotiated a payout with the seller, then the process will go quite quickly. Lastly, short sale homes are often in a much better condition than foreclosure properties and for very similar prices. This means that you won’t have to spend anything extra on fixing issues or renovations – saving you time and money.
Why is it Important to Have a Good Realtor?
As we have mentioned before, it is imperative to have an experienced realtor on your side when buying a short sale property. This is to ensure that you are getting value for money on the property, a cheap property, and that the short sale process doesn’t drag out over many months. They will also be able to make sure that the lender doesn’t try to get more money out of you during the closing process. Finding the right realtor can mean the difference between finding the perfect home for the perfect price and being taken for a long and costly ride without an advantageous end result.
How to Start the Process
Before you begin the short sale process, you will need to find the right realtor – one who is practiced in the art of short sales and understands what you are looking for. Then, you will need to find the right property – if you have a good realtor, this shouldn’t take too long and can often be a very exciting process. Next, your realtor will do all the heavy lifting – determining market value, petitioning the lender and submitting the right forms at the right time, negotiating with the lender as well as the seller (if necessary), and lastly close the sale.
To begin your journey to finding the home of your dreams, contact Cornerstone Property Consultants today!