7 Disadvantages of Buying a Short Sale 1. Long Process. Short sales may not be the best choice for those wanting or needing. 2. Subject to the Mortgage Lender’s Approval. 3. Lender Could Counter, Reject or Not Respond. 4. Opportunity cost. short sales present another risk because the lengthy.
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You may get a good deal when you buy a home via foreclosure or short sale, but it can be a complicated process. Watch out for these four.
One of the benefits of buying a short sale is that the bank is typically willing to accept less money for the property because of the time and risk involved. So you generally are getting the home at below market value.
Cooperation from Homeowners. For the seller, a short sale presents less damage to his credit report than a foreclosure, and allows him to recover and buy a new house more quickly. This sense of cooperation between the seller and buyer may facilitate the exchange and get the new owner into the house more quickly.
Before starting their search, homebuyers who want to play their cards right should know the benefits and drawbacks of buying either type of "distressed" property: foreclosures and short sales.
There are secret benefits for short sale buyers. But there are benefits to buying a short sale that people don’t think about. Most people tend to concentrate on the drawbacks of buying a short sale. Don’t get me wrong, there are plenty of reasons to not buy a short sale, the biggest problem being the waiting period.
What are the disadvantages of buying a short sale home? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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Buying a short sale property can help you get a deal, but there are some things you should know before you sprint. How the Seller Benefits.
Short sale can be a win-win-win – for buyer, seller, and mortgage alike. Instead of fearing the short sale, learn how you can use it your advantage, no matter what side of the deal you’re on.
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