3 Important Steps When Buying A Short Sale House
If you are looking for a home to buy that is priced under market value, you may want to start looking for homes that are offered through short sales. A short sale is often used when a homeowner is about to lose the home to foreclosure, and the price is usually lower than comparable homes in the area. Here are some steps you should take if you decide to buy a house through a short sale.
Research the title
Researching the title on a short sale property is an important step in the process, and this is primarily because you will inherit any liens that are tied to the property in most cases. A lien is money owed that is held against the title of the home. If you want a clean title after buying a house with a lien on it, you will be responsible for paying the lien.
To research the title, you can go to your local courthouse and dig through records, or you could hire a real estate attorney through a place like the Blake Law Office to complete this process for you. Real estate attorneys know exactly how to complete this process, and you can be certain a real estate attorney will research the title thoroughly for you.
Realize the risks you are taking
The second step when buying a house like this is understanding the risks you are taking. When a person sells a house through a short sale, it is likely that he or she is trying to avoid foreclosure on the house. In either case, though, the homeowner knows that he or she is losing the house. Because of this, the homeowner may fail to care for the house. He or she may even destroy things in the house or steal components of the home.
You may not be able to go inside the home when buying a short sale, so you will not know what the condition of the home is when you buy the house.
Make an offer on the home
If you decide to go through with the purchase of the home, you will need to make a written offer on the house. If you are not sure how to do this, talk to a real estate agent or an attorney for help.
There are times when you can find incredible deals on homes through short sales; however, these deals can also take more time than what it takes to buy a home through regular methods. If you have any questions or need help with buying a short sale house, contact a real estate attorney in your city today.