The key to buying a short-sale property is understanding the process. It can be complicated, so becoming acquainted with what they are, and how they work, can be key to a successful purchase. Read my brief description: “What-is-a-short-sale?”
A few items a buyer needs to understand when purchasing a short sale:
1. Many of these homes have some form of neglect.
2. The seller is unlikely to make repairs…there is no incentive for them, and typically they don’t have the funds.
3. The length of time to close is longer…you need to be patient. Their lender needs to approve the offer, which can be slow.
4. Determining the viability of selling a short-sale: besides being underwater, the lender needs a letter of hardship from the owner to approve the transaction.
Now that the real estate market is improving in New Hampshire, deals are harder to find. Short-sales are one way to buy a home for a good price, you just need to understand the process, have a Realtor who understands the process, understands what adds value to real estate, and be patient.
-Just my thoughts. -Jenn
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