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Benefits of buying a short sale property

When you're ready to buy a home, there can be few things better than saving money and getting more than your money's worth. You can do that when you buy a short sale property.

Short sales are ideal for buyers, because the homes are being sold for less than the market value, and they often are as good as other homes on the market since they're still lived in. While there are some downsides to buying a short sale, like the time it can take for the sale to complete, the benefits can outweigh these concerns.

The major benefit of any short sale is the price. It's important to recognize when a price is unrealistic, because the mortgage company may not agree to the sale, but if the price isn't too unreasonable and the time is right, you could find yourself with a major bargain. It's definitely more likely to get a better deal on a short sale than another home, because the seller is motivated to sell.

To make it easier to buy a short sale, you should get your own appraisal of the home. It's not a good idea to trust the appraisal from the bank, because it won't necessarily be unbiased. However, if you get your own and present it, the bank is more likely to accept a sale at the lower appraisal price. If the home is appraised higher than what the seller is asking and the bank is willing to take, then buying the home is a deal that you may want to snap up before someone else does.

Source: About Money, "The Upside to Buying a Short Sale," Elizabeth Weintraub, accessed May 13, 2016

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