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.
#1 What makes a successful short sale?
#2 Here’s what you’re looking for as the buyer in a short sale transaction:
In short, you are looking for a homeowner owing more on their home than they can get in a sale, and a situation where the lender will approve a purchase price that meets your investment goals.
#3 You’re a good candidate for a short-sale purchase if:
#4 Some of the 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.
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