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With the number of short sales steadily increasing in many housing markets over the past few years, chances are high that you’ll encounter this type of sale in your home search. Short sales are now common in many markets.
Or, you may be one of the many homeowners considering the short sale option for your home.
While at one time short sales were viewed as too complex and burdensome to deal with from a buyer’s perspective, this isn’t necessarily the case today.
With the help of an educated and experienced real estate agent, a short sale is not only manageable, but can result in a great deal on the home of your dreams. And for a seller who’s facing foreclosure, a short sale can be the best outcome in a bad situation.
This material here covers the basics. But if you’re going down this route as a buyer or seller, it’s absolutely critical to work with an agent who understands short sales.
- WHAT IS A SHORT SALE ?
- WHAT TO EXPECT WHEN BUYING ?
- WHAT TO EXPECT WHEN SHORT SELLING ?
Your home purchase is one of the biggest investments of your life, and it’s important to know exactly what you’re buying. The best way to ensure this is through a professional, thorough home inspection.
(NOTE: While this material speaks primarily to buyers, it’s also a good idea for sellers to do an inspection prior to listing their home.See more in Tips on Selling a House.
- WHY YOU NEED A HOME INSPECTION
- COMMON HOME INSPECTION ISSUES
- FIVE DEAL-BREAKERS FROM AN INSPECTION
- HOME INSPECTION CHECKLIST
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The most common type of foreclosure property you’ll encounter in your home search is a Real Estate Owned, or REO, property. REOs are properties that have been foreclosed and are now owned by the bank.
REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they’re listed by a real estate agent. Although they’re typically sold as-is, it’s not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases.
With the help of a qualified real estate agent who knows the terrain of the REO market, your REO transaction will run more smoothly , and you’ll likely get a great deal in the process.
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