If you’re interested in buying property, you should know all you can about a short sale, which is a very valuable transaction in real estate.
In this article, we’re going to tell you what you need to know about a short sale in real estate.
What Is A Short Sale?
A short sale is one in which a motivated seller, typically someone in financial trouble, sells their home for less than what it’s worth.
Because of the complexities involved, a short sale will typically involve a lender who approves the transaction. Another difference from a traditional real estate transaction is that in a short sale, the seller doesn’t pay for closing costs. Those fees are split between the lender and buyer.
As you can imagine, a short sale is a good deal for the buyer, but can be a terrible thing for the seller, at least in one sense.
Is A Short Sale Good Or Bad?
A short sale is good for the buyer because they get to buy a home for far cheaper than it normally would be listed for.
On the other hand, for the seller, a short sale may get them out of a mortgage, but their credit will take a major hit in the process.
Is It A Good Idea To Buy A Short Sale House?
The Time
The Money
Where Can I Find Short Sales In Georgia?
You can get a list of short sales in your area by reaching out to your local Realtor, who would be familiar with the process as well.
You can also find short sales on the following real estate websites:
- Berkshire Hathaway Georgia
- ColdwellBankerHomes.com
- ForeclosureListings.com
- Foreclosure.com
- ShortSaleAtlanta.com
- UrbanNest
Final Word
Real estate prices are on the rise around the state, but you can find a good deal if you’re patient.
Contrary to its name, a short sale may take several months before it is finally approved. You can use that time to secure a contractor to do some of the jobs that need to be completed once the home becomes yours.
You may need a plumber, electrician and carpenter for starters.
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