Short sales are a very unique type of transaction and as a result, buyers will face different considerations and they may encounter a number of obstacles. So what are the most common errors when buying a short sale? The Short Sale Gal Kristine Zelazo will explore some of the frequent challenges that short sale buyers encounter.
SKIPPING THE HOME INSPECTION
Some buyers are tempted to skip the home inspection in order to save time and money, but this can be a major no-no, especially if you’re an investor who plans to do a “fix and flip” on the property.
It’s difficult for a layman to evaluate a home effectively and there can be some very serious and costly problems present in the home.
So don’t fall into the trap of underestimating the cost of repairs or upgrades. Get the home inspected by a professional so you know precisely what you’re buying.
IGNORING THE PAPERWORK AND DISCLOSURES
Short sales are typically sold as-is, so it is very important that you, as a buyer, read through all of the disclosures and paperwork to ensure that you know all there is to know about a property.
It’s also important to verify that if the property has undergone renovations or an addition, that the work was properly permitted. Otherwise, as the new property owner, you may be responsible for fines.
FAILING TO ALLOW SUFFICIENT TIME
Short sales can take a bit longer than a traditional real estate transaction due to the fact that the lender must approve and accept the offer on the property.
Each lender is unique in terms of how long it typically takes for them to process a short sale. New laws mean that the process is now significantly faster than it was in the past, but it can still take a few weeks if a particular lender has a large number of short sales to process.
So when it comes to a short sale, be prepared for a lengthier transaction timeframe and do your best to be flexible in this regard.
NEED HELP BUYING A SHORT SALE PROPERTY?
There are a number of unique steps and processes involved when buying a short sale property or when selling your home through a short sale instead of a traditional real estate transaction. You’ll have lots of advantages in this regard when you work with a short sale expert like Kristine Zelazo, better known as The Short Sale Gal.
Based in Florida, Kristine works with both buyers and sellers and she is an experienced negotiator. So if you’re an investor seeking to get started in buying short sales and need a great mentor or wish to pursue a short sale transaction for the sale of your property, turn to Kristine Zelazo, the Short Sale Gal!
To get started with selling your home, simply complete the home pre-sale form to provide Kristine with additional information on the property in question. Then, call 786.570.0360.