With the current housing market conditions clearly favoring buyers over sellers, it is not at all surprising you would want to look for homes that give you great value for your money. If a good deal is what you are looking for, consider buying a home via a Bay County short sale transaction. If you have never bought a real estate property being sold as a short sale, you should know there are pros and cons, just like with any home sale.
Pros of a Short Sale
If you are working with a small budget, you will certainly be pleased with how affordable homes being sold as a short sale are compared to other existing homes and especially newly-constructed houses. The reason for this is actually simple. Sellers or homeowners have no choice but to offer their home at a discounted price because they are near or already in mortgage default. The only way they can attract buyers is by offering big discounts. Also, with their home’s market value dropping, these sellers now owe more in mortgage, which makes them underwater.
Although you might think you are taking advantage of their unfortunate predicament, you should know you are actually helping as the mortgage lender will never approve a short sale without a legitimate home buyer. It is basically a win-win situation for you and the homeowner.
Cons of a Short Sale
When you find a home you like being offered at a short sale, you should be prepared to wait. On the average, it could take 3 to 6 months before you see signs of a closing. You should also expect a lot of going back and forth between the seller and the lender as both try to negotiate for a better deal.
Because of the long wait, you should do your due diligence in order to make sure the property is worth the trouble. For starters, you should find an agent who is experienced with a short sale transaction and can protect your interest from day one. Also, your agent can help expedite the Bay County short sale transaction by being available to meet both lender and seller requirements. Your agent could also check the title to get the facts straight.