We reviewed a Realtor specializing in short sales Maryland to determine some of the best tips for buying a short sale home. For those that are unaware, a short sale home is one that is sold for a homeowner who is going through some financial hardship to avoid foreclosure. An agreement must be made with the homeowner’s lender, and the home will be sold at fair market value to pay off as much of the mortgage as possible. While short sales are not exactly a happy topic for the homeowner, buying a short sale home can help a new owner save a lot of money on their first home. If you are considering buying a short sale home, then we have three great tips to help you out.
First Tip: Do not ignore the problems that the home has
It is important to remember that when a homeowner must do a short sale of their home, it means that they were unable to pay the mortgage. Now, they could be unable to pay their mortgage for some reasons. They may have lost their job, and they could be going through an expensive divorce, or there could be medical problems associated with their financial problems. Another possibility though is that the house was too expensive for them to be able to maintain and pay the mortgage. Maybe there were some underlying problems that they had to try to fix. The house could even be suffering from problems due to a vacancy. Be sure to do a meticulous inspection of the house. This is good advice no matter what type of home you are purchasing. Always do an inspection to be sure that the home will not need expensive repairs that you cannot afford.
Second Tip: Hire a Realtor specializing in short sales Maryland
When you are considering buying a short sale home, you need to consider the fact that there are short sale specialists. Like how there are people who specialize in different areas of the law, many realtors will specialize in buying and selling diverse types of homes. A short sale realtor will know the ins and outs of both buying and selling a short sale. He will guide you through the process in the most efficient way.
Third Tip: Take the proper steps, but be quick
Short sales can take longer than your average home sale. Because of the complications involved with short sales, it is important to make sure that you get all your paperwork in as soon as you can so that you can be prepared for any bumps that delay the purchase. Having a qualified short sale agent will help ensure that everything is done on time, so you do not have to stress as much.