The name is a bit misleading as short sale transactions can take longer than a traditional home sale, but the reality is there are several advantages of considering this type of property in your home search. In popular areas with hot real estate markets, like Denver, many potential buyers are adding short sales to their searches to expand their potential housing options. Could it be the right step for you? Read on to find out.
Advantages of buying a short sale:
Just as they would any other home, buyers who opt for a short sale do so for one primary reason: they genuinely like the house. Maybe it’s in their desired school district, or maybe the exterior is great – there could be several reasons. The fact that a home is listed as a short sale might complicate the issue a bit, but the motivating factor is they like the home.
Another reason to consider short sales is because the lower price point makes it worth the hassle. Everyone wants to get a great deal, and there are sometimes bargains to be found shopping for a short sale.
Reduced competition is another great reason to consider a short sale. Short sales can take a while to finalize, and the majority of 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 sale 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. Someone familiar with the process can help you navigate the waters and make the process as smooth as possible. Metrowest specializes in these types of sales – contact us today. We’re here to help you get started!