Advice for Buyers of Short Sales

Posted almost 2 years ago. 5 helpful votes

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1

Condition

Typically short sales will be in decent condition; better than a foreclosure. Often times the homeowner will still be living there.

2

Repairs

They are sold "as-is," so do not expect anything to be repaired. However, it is highly recommended that you still have an inspection to see if there are any major issues present.

3

Time Frame

If you would like to purchase a short sale, you will have to be patient. It typically takes around 3-4 months if your seller's Realtor and attorney know what they are doing.

4

Your Loan

Be in touch with your mortgage broker because once the short sale is approved, you will typically only have 30-40 days to close.

5

Paying for Little Things

You may have to pay for some condominium documents (if applicable) because the Seller theoretically has no money to do so itself.

Additional Resources

Short Sale FAQ

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Related Topics

Residential property

Residential property is real estate that has been developed or zoned to be used for living, such as single family houses, apartments or mobile home parks.

Buyer's rights in property sales

Property buyers are granted certain buyer's rights, which include things like getting accurate information about the property and choosing your own lender.

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