Common concerns about buying a short sale home

On Behalf of | Dec 28, 2018 | Real Estate Transactions

Short sale homes tend to be on the market for a much lower price than other homes of the same standard. This is because the goal is to sell them as quickly as possible. Purchasing a short sale home can therefore be a great opportunity to get a home at a good price.

However, there are several things that you should be aware of before purchasing a short sale home. The following are some common questions potential property buyers often have regarding purchasing a short sale home in the state of New York.

How long will the process of buying a short sale home be?

The words “short sale” can give the misleading impression that the transaction of the home will be a short process. Unfortunately, this can be far from the truth. Short sale homes can take up to a year to be finalized.

Will the lender need to accept my offer?

All short sale property offers are not only subject to the approval of the seller, but of the lender, too. If the price is too low, the lender might reject your offer.

Should I be worried about how the property is maintained?

Since people selling a short sale property are struggling financially, you should remember that they may be struggling to adequately maintain the property. Therefore, you should make sure that you fully investigate the state of the property that you intend to purchase and that you do not underestimate potential renovation costs.

If you are considering purchasing a short sale property in the state of New York, it is important that you conduct thorough research.