Another advantage of foreclosure is that you’re not expected to keep the home up to standard for viewings. Since you’re able to continue to live in your home until you’re forced to vacate, you’re not expected to vacate for any showings or open houses.
Is Buying a Short Sale a Good Idea?
While it may not always be in the homeowner’s best interest to initiate a short sale, purchasing a short sale can be a great way to get instant equity in your home and a great price. There are many questions to ask during a short sale as well as items to consider.
What Condition is the Home in?
Short sale homes are often left in better condition than foreclosed properties, but this isn’t always the case. Many of these properties may be missing items like appliances, curtains, and light fixtures. Some homes are even stripped of things like their copper fittings.
Homes left in poor condition could require extensive cleaning, fumigation and even repair.
How Long Will It Take?
Short sales tend to take longer than traditional sales. To complete, it often takes as long as three to four months or longer. Many real estate agents are experienced with short sales and can advise you along the process.
While this isn’t an ideal situation for those who need to move into their new home quickly, it can be a good option. Short sales are often a good option for those who’re able to extend the time in their current home or are willing to stay with friends or family between dwellings.
Consult Those with Your Best Interests at Heart
Before making any decisions, it’s important to speak to a professional who has your best interests at heart. Keep in mind that a real estate agent would only receive a commission on a short sale and not on a foreclosure, so it’s in their best interest you sell your home.