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Short Sale Offer

Factors to consider prior to making an offer on a short sale

A Short sale is quite popular, especially when the buyer would like to purchase the property that is available at a lesser price than the market value. Generally, every individual will have a price range prior to purchasing a home and moreover, purchasing a home that is below the market value helps the buyers to save a lot of money on this expensive investment. There is a huge competition for this short sale offer in the real-estate market. It is a bit daunting to find short sale in this competitive market. Ideally, this short sale is a bit different to that of a foreclosure where the seller’s lenders will take away the title property and sell it directly to the buyers despite of price deficit. In this type of short sale, the buyer will get the property at a very affordable price and the price deficit is either taken care by the seller or the bank. However, if you are planning to purchase the short sale offer property, then here are a few factors you need to consider

Approved or unapproved: When you find the property in the property list at a responsible price, then you need to read the description to find whether or not it is a short sale. Most importantly, you should never neglect to check whether the property is approved or unapproved. Generally, the approved property means that the lender or bank has approved to sell the property at a favorable price and if the property is unapproved, then it is waste of spending your quality time in dealing with it.

Have patience: To get the property on the short sale, you need to be very patient. This process takes a lot of time to close, since there is a huge competition for this kind of sale. Most importantly, this offer has to be accepted and approved by the seller and lender to smoothen the further sales process. Though, this process is laborious, but with a little patience, you can end up getting a dream property at the best price.

 

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