While you may have heard only the horror stories about buying short sale properties – or any distressed housing for that matter – the reality is there are actually several advantages to purchasing this type of property. In popular areas with hot real estate markets, many would-be buyers are adding short sales to their property searches to expand their options. Could it be the right step for you? Read on to find out.
Why buy a short sale?
First, the most obvious reason. Buyers generally go for a short sale for the same reason that any buyer anywhere wants to buy a particular residence: because genuinely they like the home. It’s simple but true. The fact that it’s a short sale might complicate the issue a bit, but the motivating factor is still the fact that they like the home.
Another reason is that the lower price of a short sale makes it worth the hassle. Who doesn’t want a good deal? There are sometimes bargains to be found shopping for a short sale.
Reduced competition: another great reason to consider a short sale.
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. 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 – and we’d love to help you get started!