Nowadays, you feel that you have to be strict with that purse or keep your hands from drawing money outside your pocket. That’s because prices, such as that of a new house, have skyrocketed a bit. According to CNBC.com, prices rose more than expected, as rising rents and the cost of healthcare offset a drop in the prices of gasoline. To save money on a new property, people like you look for a short sale.
Benefits of a Short Sale
How does a short sale benefit customers like you? According to Shipley House, you can buy a new property at a very low price. Forgive My Debt says a short sale acts as a way to keep foreclosure and other negative issues at bay. Homeowners who experience foreclosure are eager to sell their homes at a price much lower than its actual value. By doing this, they don’t have to spend money on repairs or maintenance costs before saying goodbye to their homes.
A short sale allows you to enjoy financing terms that are favorable to you, especially if you are buying a foreclosed property from a bank. The bank is only too willing to sell the property at a very low price to get the money the former owner of the property is no longer able to pay.
What to Look Out for in a Short Sale
However, you should take care when buying from a short sale. According to Bankrate, eager buyers may ignore problems present in a property. Some owners may have inflicted damage on their homes after having their property foreclosed. Also, prospective buyers may miss inspecting the property before buying it.
You have a real bargain on your hands, but check out the property carefully.