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Buy Short Sales
Short sales sell at an average 11% discount to similar homes, and foreclosures at 16% off, according to the National Association of Realtors. The downside is that short sales are complex and time-consuming, and foreclosures frequently require extensive renovations.
If you aren’t in a rush and prefer not to contend with major repairs, a short sale might be attractive. Such homes are generally in better shape than foreclosures, because the owners still live there and are responsible for upkeep. But they can take months longer than a normal transaction because the lender must agree to the sale. Other liens—unpaid association dues, for example, or a second mortgage—need to be cleared up. And even after all that, the bank may balk at the last minute. To save time and hassle, look for short sales the bank has already okayed, indicated by “approved short sale” in the listing info.
Call me if you have an Auction or Foreclosure pending on your home and for all your short sale needs.
Specialties: Buyer's Agent, Listing Agent, Foreclosure, Short-Sale Born and raised in Beirut Lebanon, moved to the Boston area in 1990. Got my Real Estate license in 1994....