5 Steps to Buying a Short Sale Leave a Comment 5 Steps to Buying a Short Sale Now is the time to buy a short sale. A short sale c ondo, such as those condos in Myrtle Beach, could b e an excellent way to take advantage of the current m arket. A short sale allows the property buyer to bu y the home for less than the current loan on the home . The process involves working with the current owner’s lender to negotiate a deal for less than wh at is owed. When a buyer uses a short sale, he or s he is able to get a fantastic deal on the property. The following are a few steps to help you to buy a short sale. Keep in mind you can buy short sale condos, homes or other types of property. Further, most of this property is in great condition. 1. First, select a licensed Realtor to work with. You will need the realtor’s expertise to ensure the transaction goes well and that the property you are buying is worth your investment. 2. Next, you need to local a short sale in the area yo u are interested in. In some cases, short sale condos are advertised as such. In others, you may b e able to work with the current property owner and lender to negotiate the short sale. Your agent can help you to determine the best course of action. 3. Learn about the property. You need to know as much as possible about the property, including its rental history, its appraised value and the cur rent conditions of the property. Your short sale real estate agent will help you with this process. 4. Now that you know as much as possible about the pro perty, the next step is to make an offer on the short sale. Getting as close to the appraised v alue without going over is necessary, but your agent can help you to get to the lowest price the p roperty’s lender will accept. A real estate agent is best able to provide this information base d on the circumstances of the property. 5. In situations of rejection, do not give up. Your re al estate agent, who is experienced in short sales, is likely to encourage you to place another offer on the property. Doing so will help you to get the property. At the same time, it may be impor tant to consider moving on to another property. The good news is that Myrtle Beach short sales are out there, are being accepted by the property’s lender and they are helping people from all walks o f life to own beautiful property right on the coast .