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Considerations to take when buying a short sale

The real estate market can be quite complicated at times with constant ebbs and flows of properties that are full of promise. However, sometimes, buyers have to take a risk by considering homes that have been foreclosed or are labeled a "short sale" in Pennsylvania. Despite the sometimes-unsettling reputation that is tied to a short sale, if people understand what considerations to take before looking into purchasing one, they may find their decision to actually be quite successful. 

According to Bankrate, many people have the false impression that once they receive approval from their lender, they are in the clear. Unfortunately, short sales are often more complicated and require more thoughtful consideration and planning before the purchase is complete. In many cases, buyers may be looking at a price tag that soars above the mortgage balance. This daunting number can usually be negotiated, and successful real estate professionals may even be able to get the seller to consider selling the property for less than the balance of the mortgage. 

For people who are considering buying a short sale, the University of California Riverside has some valuable suggestions of things they can do including the following:

  • They should do their homework and be sure they understand as much about the property as possible. 
  • They should only strongly consider short sales that have been fully approved. 
  • They should remember that short sales often take longer than an average real estate transaction.

They should also consider working with an agent who is experienced in transferring ownership of short sales and is familiar with the risks of doing so. 

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