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
.
