Moving to a huge and busy city costs a lot of money but you can reduce your expenses if you consider affordable foreclosed condo properties for sale. As far as foreclosed properties are concerned some of the better deals have been made through a short sale.
Elements of a Short Sale
Condo properties for sale through short sales take place when the home owner has lost the ability to meet his mortgage obligation. He approaches his lender and seeks permission to sell the property at a price that is lower than his outstanding debt. The lender would have to agree to this arrangement because they stand to lose money. But most lenders find that a short sale is actually cheaper than the cost of foreclosing on a home and so they usually give their approval to this set up.
This type of sale favors all parties involved. The lender is able to reduce their losses from mortgage default significantly. The home owner can successfully prevent foreclosure which will definitely decimate their credit score. The buyer is assured that they are getting a property on a discount.
Information on short sales is available through licensed real estate agents as well as in online foreclosure listings web sites. Before setting out to search for one there are a few things a buyer needs to be clear on. They have to know what they want or what type of property will meet their housing requirements. They also have to know how they are going to pay for the property.
Assessing the Value of the Condo
Buyers should be able to determine the financial impact their purchase will have on their own personal finances. If they intend to pay for it through a home loan, it is best to have a pre-approval certification from their bank or any other mortgage provider before making an offer. They should also keep track of the incidental expenses involved in purchasing condo properties for sale such as repairs, back taxes if there are any, association dues and other condo fees.