What you Should Know Before Buying a Short Sale

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Thinking a short sale may be right for you?

It’s definitely possible – especially in a hot market like Denver.  Here we’ll give you the run down on what you can expect to make the process as seamless as possible.

  1. Know what you’re in for-
    Short sales aren’t especially daunting or challenging, but they are a bit different than traditional home sales. When you put in an offer, don’t start mentally moving in. Keep looking at other houses. It makes for a great surprise when and if your offer is accepted.
  2. Be patient-
    It can take anywhere from weeks to months for a short sale to be either rejected or accepted.
  3. Be ready to move quickly-
    Not only on putting in an offer (if you find a real contender, chances are someone else thinks so too), but also be ready to move when your offer is accepted by all parties.
  4. Be ready to work-
    Unfortunately, neglect can be common in short sales, and chances are better than great that the seller will never pay for any pending repairs. Expect to have to put work or money into your short sale.
  5. Consider selling-
    Even if you want to live in your house for a long time, it’s never a bad idea to think about selling it every once in a while. Because the price you paid for your short-sale home was probably depressed in more than one way, the value can escalate quicker than you expect and you may want to put that money towards a new home.

 

Ready to learn more about short sales and see what Denver has to offer? Give Metrowest a shout – we’d love to help.

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