While no one wants to be on the losing end of all the short sales going on in the real estate markets throughout the country, many people are jumping at the opportunity to be on the purchasing end. Short sales can be great opportunities for you to be a buyer. Banks are anxious to get these houses that came onto their books because of mortgage debt out into the market and off their hands quickly! Here are a few tips on how to take advantage on short sales and profit from another’s unfortunate mortgage debt.
Tips on Short Sales
Get your credit score in line ahead of time, and make sure you qualify for purchasing the kind of short sales you are looking into. These deals happen fast because the banks don’t want to have them on their hands. You have to be ready to go as soon as you find a house that matches up with your needs and desires. Being prepared is essential to getting what you want out of short sales.
Don’t sign anything until you’ve actually seen the house. Because many short sales are dealing with houses whose owners had mortgage debt (and likely other financial problems), the house may not be in top physical condition. Know what you’re getting into, and don’t let the mood of the quick deal pressure you into buying something you’re going to regret later on.
There might be tax breaks or other government incentives associated with buying short sales. Ask the bank and your real estate agent about these before you get too far in. You might be able to afford something better than you initially thought!