What should I know about buying a “short sale” house?
Posted by | Posted in Buy My Home Fast - Questions & Answers | Posted on 30-08-2010-05-2008
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Question by Radman: What should I know about buying a “short sale” house?
I understand there is no warranty and the buyer has to pay all the closing costs. Can I offer lower than the short sale listing price?
Best answer:
Answer by patrick
You can always offer less than asking. in addition, if you are using a real estate agent, you need to make sure the commission costs are included in the purchase price.
Be prepared for a long process. Bank owned property sales move at a snail’s pace. Often, the bank cant find the deed, because the mortgage has been sold so many times, so it would be prudent to ask if the bank has possession of the deed early in the process.
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a; have cash or a loan already locked in
b; a short sale has nothing to do with a home warranty. YOU can
easily require one or buy one at close for $450. Very much worth it.
c; the buyer is not ‘automatically’ obligated to any costs other
than those of the agreed upon price; all else is negotiable.
d; YOU live in America, : – ) thus you may offer whatever you wish!