Short Sale Properties
In a short sale, homes are sold for less than the amount that the original homeowners currently owe on their outstanding mortgage, which means that the lender will not be paid back all that is owed to them. Most lenders are (understandably) hesitant to agree to short sales, but they can be attractive options for buyers because the sale prices are typically much lower than that of other properties. However, buying a short sale property can come with its fair share of risks and potential pitfalls. This week, our team of experienced real estate agents at the Lake of the Ozarks is here to help make you aware of some of these potential dangers.
Things To Know About Buying A Short Sale Property
The Deal May Not Go Through.
Short sale properties are infamous for taking a long, long time for the negotiations to be completed - and sometimes for falling through altogether. With so many different factors demanding attention and so many lengthy negotiations taking place, short sales often take a long time from start to finish. If you are anxious to move into your new home in Osage Beach MO, buying a short sale property may not right for you.
Short sale properties are, essentially, one step up from foreclosure properties. While the current homeowners have not gone all the way into foreclosure, they must be in a dire financial situation in order for their lender to agree to a short sale. As a result, they probably do not have the funds required to keep their home in good condition. As the new owner of such a property, you may be required to pay for expensive repairs or renovations after moving in.
The Home Inspection Will Be Even More Important
Because the home may not be in great condition, the home inspection will be an even more critical part of the transaction process. We encourage you to book your inspection for a time when you will be able to attend. Your inspector should be able to explain all of the important details and point out any potential problem areas that will need careful attention in the future. It's important to go into the transaction with your eyes open!
You Will Need The Help Of An Experienced Agent
With so many important factors and details to consider when buying a short sale home, navigating the process by yourself may be a dangerous proposition. If you are considering a short sale property, we strongly encourage you to talk to one of our Lake of the Ozarks real estate agents. Our team members can help you carefully navigate the process from start to finish. Give us a call at (573) 693-1100 or visit our website to learn more about how our team can help you with your negotiations!
The Property Shop at the Lake
2086 Horseshoe Bend Parkway
Lake Ozark, MO 65049