Short sale foreclosure

Short sale foreclosure

Short sale foreclosure

"Real estate investing saw a major boost in the past two years, as buyers who would have waited otherwise opted to take advantage of falling market rates. In particular, distressed homes such as short sales and foreclosures have become the top choice for practically all buyers. But is real estate foreclosure and short sale investing really worth your time? It's not for everyoneit takes market knowledge and expertise to get your fair share in these kinds of deals. If you're new to short sale investing or the real estate foreclosure business, here are some facts worth keeping in mind.

Distressed Sales Take Time

If you're in a hurry to get your hands on real estate, this may not be the market for you. A real estate foreclosure or short sale deal takes time not just to negotiate and close, but also to plan. Months before you make your decision, you should do at least some research and decide whether short sale investing is a good idea in your particular neighborhood. Factor in past and current market values, the number of homes available, and your own financial capacity to make sure you're taking the right step.

You Need A Good Agent

No matter how much experience you have or how much you know the industry, a capable agent is vital to getting a good deal. For one thing, they have more connections in the real estate business, from sellers and listing agents to mortgage brokers who can help you find the right financing plan. Find one with experience in the short sale investing or real estate foreclosure market, and ask for references from previous clients if necessary. It may seem like too much, but a good agent is always well worth the trouble.

Long-term Planning Is Essential

Whether you plan to live in your home for years, rent it out, or use it as a second home, it pays to plan beyond closing. If you want an investment property, a real estate foreclosure may only pay off after several years, depending on the area you're buying into. How long can you wait for profits to start? Or if you're looking for a primary residence that you can pay off with a 30-year mortgage, how much can you save over the term of the loan if you opt for short sale investing? You can discuss these matters with your agent and make sure you won't be on the losing end."

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