Short Sale: A Ticket to a New Home for a Low Price?

Home BuyingNowadays, 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.