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Important considerations for a successful short sale

Short sales might offer buyers a good deal on a new home in Florida, but the author of a book about the housing crisis warns that the homes being sold are those owned by people who have to sell. This could mean the homeowners have reasons for putting their property up for sale or are being forced out. To avoid ending up with a bad deal after a short sale, potential buyers should follow some simple guidelines.

Even if one's schedule is busy, a person should make time to be present during a home inspection. By asking questions and paying attention, buyers might become aware of problems they otherwise would not have learned about until after a sale went through. Many buyers underestimate the cost of renovations so it is important to do some research on what is learned during an inspection before making an offer. In instances of foreclosures, banks do not have to disclose much of the information that that traditional sellers do, and sometimes, previous owners cause damage to a foreclosed home out of spite.

Potential buyers can do extra research, such as checking with the planning department to learn whether the neighbors have plans to build or demolish homes on their properties, to discover problems banks will not reveal. Buyers should not assume they are getting a good deal just because of market conditions. People should also consider that short sales can take longer than regular sales and plan accordingly.

People face many challenges during short sales or foreclosures that could have significant consequences if not handled correctly. If buyers find themselves in a residential property dispute in relation to a short sale or homeowners learn that a foreclosure is coming, an attorney might be able to help them find a desirable solution.

Source: Bankrate.com, "5 buyer mistakes in a short sale", Lora Shinn, November 09, 2014

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