The Guide to Buying Short Sale Homes

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The Guide to Buying Short Sale Homes

  1. 1. [Volume 1, Issue 4]The Guide toBuying ShortSale Homes ContentsThe stage in the process of real estate Introduction ..……………………..1foreclosures in which the homeownercan perform a short sale is the pre- Buying a Short Sale…......……..2foreclosure period. It begins when theowner is issued a Notice of Default Contact Info…………………………3alerting them of their debt. During thistime the owner also has the option ofpaying back their default or applying forloan modification.
  2. 2. 2A short sale, also known as a pre-foreclosure, is beneficialnot just for you as the buyer, but also to the homeowner andlender. The bank allows the owner to sell their home at aprice that covers part or all of their remaining debt. This letsthe owner pay back their default to the bank and avoid aforeclosure on their credit. This guide will show you how topurchase a short sale:  Hire a realtor: While this step is not absolutely necessary, it may be crucial for first time homebuyers to hire a real estate agent who specializes in home foreclosures. Even homebuyers and investors experienced in foreclosed homes for sale may benefit from hiring a realtor.  Run a title search: This will tell you about any debts and liens on the property. Ideally you want a home with a clean title. You may become responsible for paying any unpaid liens racked up by a previous owner on any foreclosed homes you purchase.  Inspect the home: Unlike auctions where you may not have time to professionally inspect foreclosure homes before the sale date, short sales allow you time to thoroughly inspect the home. Hire a contractor and appraiser to help you determine the price you’ll offer for the house.What’s does that mean?  Negotiate with the homeowner: Though the lender may have final say on approving a short sale, the homeowner hasFor more terms and definitions, some flexibility on negotiating a price. The homeowner maycheck out ForeclosureDeals.com’s be willing to settle on a price that mostly or partially coversglossary page:http://www.foreclosuredeals.com/G their default rather than the full amount.lossary.php
  3. 3. 3Foreclosure Deals Remember to be sensitive to the homeowner’s situation.12550 Biscayne Blvd, Suite 306 They likely fell into some hardship that resulted in themMiami, FL 33181FAX: 1-347-402-6620 defaulting on their home loan. When negotiating with theContact@foreclosuredeals.com seller, try to refrain from referring to their home as a foreclosure. If the owner or bank will not budge on a priceIf it’s not a deal, we won’t list it here! you don’t believe the house is worth, remember that thereFind us on the Web: will always be other foreclosure listings.http://www.ForeclosureDeals.com/ Need to know more about the short sale process? Try our blog: http://www.foreclosuredeals.com/foreclosure-short- sales/

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