You Should Buy A Short Sale This Spring

Did you know that short sales accounted for 32% of all home sales in 2012 according to RealtyTrac?

A short sale is a popular alternative to a foreclosure, they’re often priced a bit under market. They can be a really great deal, but there are a couple of important things to consider.

Image via thewhitcanackgroup.com

First of all, short sales aren’t short! Unfortunately, you can expect to wait longer for settlement than you would when buying a traditional home, thanks to the time it takes for bank approval. This can be up to 6 or 9 months sometimes! If you’re interested in a short sale, your agent can contact the bank’s representative to get a better sense of the timeline.

Short sale homes are often sold as-is. This means they’re not likely to make any improvements to the property before settlement. However, this does not mean you should skip getting a home inspection!

EveryHome agents are experienced with a short sale and we would be happy to assist you with any further questions you may have. Please don’t hesitate to reach out to us! And for more information, check out Katie’s helpful video here!