Find homes anytime
Check out my personal Crye‑Leike Mobile App. The features that you love from this web site are now accessible anywhere you go and even more relevant.
Are you looking to buy a new home? Are you thinking that now's a great time to find bargains? Before you make an offer, it pays to know a little about the seller's situation.
If a home is being sold for below what the current seller owes on the property - and the seller does not have other funds to make up the difference at closing - the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.
A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.
You're a good candidate for a short-sale purchase if:
If you're serious about purchasing a short-sale property, it's important for you to have expert assistance. Here are some people you want to work with:
Some of the other risks faced by buyers of short-sale properties include:
The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.