Short Sale Sellers

Buying a short sale is one of the best ways to save money on real estate, whether it’s your first home or one of many investments. Few other opportunities allow you to get a home in good condition, in a good neighborhood, and with all the features you need—for up to 40% lower than you would normally pay.

Of course, the problem is finding the right short sale seller. More and more people are considering short sales, but few of them really offer a good deal. This guide offers a few tips on choosing short sale sellers and buying short sale properties the safe way.

Work With an Agent.

A real estate agent, particularly one with short sale experience, can help you through the whole buying process from choosing a short sale seller to closing the deal. Many buyers don’t see the point in paying for an agent, but think of it as investing in safety. With an agent, you get in touch with more sellers, but only deal with the most promising ones.

Keep Looking.

One scan of the MLS isn’t enough for a good selection. There’s always someone selling short sale property in any given area—it’s just a matter of knowing where they are. Make your search regular and continuing. Check your sources for new listings, drive around the neighborhood once in a while, and keep in touch with your agent for any new prospects.

Get Pre-approved.

The typical short sale seller will only consider offers from pre-approved buyers. A realtor can help you get a pre-approval from your lender; usually, all you have to do is turn in your required documents. Getting pre-approved tells the seller that you have passed the lender’s standards for a mortgage and won’t present any problems in the home purchase.

Maintain Contact.

In a short sale, you’re dealing with both the seller and his lender. This means that your offer goes through and has to be approved by both parties. To avoid any communication problems, make sure each party is up to date on what has been agreed on. Keep a record of every letter and phone call, so you have solid evidence in case a conflict comes up.