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Homes on short sale are pre-foreclosure, which means the seller is upside-down on their mortgage. The seller is selling the homes in a short sale in an attempt to negotiate a deal with the lender and avoid foreclosure. In this type of sale, the lender has agreed to accept less than the amount of money owned on the home, which is in your best interest. This means as a short sale buyer, you are getting a great deal and can expect the value of the property to go up significantly over time.
Where Do You Start?
If you are interested in buying a short sale home, it is important that you hire an agent who is going to help you negotiate a deal with the short sale agent. You many also contact the short sale agent directly. However, it is best to hire an agent whom you can trust and who has the experience buying and selling short sale homes.
Short sale transactions are extremely complex and always require the help of an experienced short sale agent. You don’t want to work with someone who is not familiar with the process. Also, keep in mind that short sales often result in low commission for agents and many will not want to work on a short sale home. You need an agent you can trust and he or she is confident in their ability to deal with the transaction. Although the bank is ultimately in control, a listing agent who knows the ropes may be able to facilitate or expedite the transaction.
The Short Sale Industry Directory is a great place to start when trying to locate a short sale agent in your area. ShortSaleAgentFinfer.com allows you to search for the closest short sale agent, view his or hers credentials and make an educated decision on who to contact to help you buy a short sale home.