subject: Opting for Short Sales on Foreclosure Houses Sales [print this page] A short sale in foreclosure houses sales happen when the home seller accepts an offer that is lower than the real market value of the property. While this is usually brought about by mortgage default, some short sales occur when the prices of homes where the property is located significantly declines.
Great Bargains and Hidden Risks
The major come on of foreclosure houses sales for buyers is the low purchase price but especially in short sales, prospective buyers should learn how to work around the risks involved to ensure a smooth purchase. The first thing you need to be prepared to do is research, investigation and a lot of probing. Know the average price of homes in the neighborhood where the property is located. Survey the vicinity and gauge its livability, see if the property has access to public transport, commercial centers, schools and hospitals.
The next thing to look into is all the legal stuff relating to the property and all this is housed in the country records office. As all documents filed on the property is public record you can have access to records of the particular home you are eyeing. This will tell you details like the owner of the property, the lender of the mortgage as well as the amount still owed. One vital thing to check is whether a foreclosure notice has been issued on the property as this means that there is a prescribed length of time left for you to either expedite your purchase or move on to other prospects. All the information you gather will come in handy during price negotiations at foreclosure houses sales.
One final thing to check out is the condition of the property. Some sellers may allow you to conduct and inspection but this is uncommon. What you can do is drive by the property or gain insights from neighbors regarding the owner of the property and how they are as home owners or home makers.
Opting for Short Sales on Foreclosure Houses Sales
