You may have heard some misleading things about buying a short sale – or any distressed property for that matter – but believe it or not, there are actually advantages to purchasing this type of property. In popular areas with hot real estate markets, many potential buyers are adding short sales to their searches to expand their options. Could it be the right step for you? Read on to find out.
Who’s in the market to buy a short sale?
Buyers typically buy a short sale for the same reason that any buyer anywhere wants to buy a particular home: because they like the home. It’s simple but true. The fact that it’s a short sale might complicate the issue, but the motivating factor is they like the home.
A secondary reason is that the lower price makes it worth the hassle. Who doesn’t want a good deal? There are sometimes bargains to be found shopping for a short sale.
Another great reason to consider a short sale? Less competition.
Short sales can take a while to finalize, and many house hunters aren’t willing to wait. That means that there are fewer people you need to compete with to buy the home. In areas where there a lot of demand, but limited supply, bidding wars can drive up prices, so less competition can mean a lower price.
If you’re considering purchase a short sale, the first thing you want to do is get an experienced professional on your side. Metrowest specializes in these types of sales – contact us today! We’d love to help you start the process.