The purchase of a property comes in all shapes and sizes. Rather, there are all different types of property sales and it can affect a buyer. One type of sale that we at Kimberly A. Abrams & Associates PA have a lot of experience with is short sales. Short sales have their positives and negatives for a buyer, but it’s about weighing the pros and cons to find the right property for you.
Most people do not buy properties for cash. That being said, most people will need a mortgage or some other type of financing in order to get the deal done. This is the path for most people, but the real estate market can be competitive and thus pricing can outbid people looking to spend a certain amount. This is where certain properties, like foreclosures or short sales, may become attractive to certain buyers.
These properties can come at a significant discount to market price, but there are strings attached. Often, the timetable can be very different from a traditional sale. Sometimes there can be unusual property conditions or ‘as-is’ conditions attached to short sales or foreclosures. If these situations do not bother you, or if you are attracted to the pricing incentives that short sales often offer, consider how you can execute a mortgage on a short sale property.
It can be good to get a professional opinion on properties of this nature if you are in uncharted territory. For many people, the purchase of a short sale or similar property is a one-time experience. Therefore, to be in uncharted territory is not uncommon. Our helpful staff is here to help make the experience of purchasing a short sale property as smooth and as uncomplicated as possible.