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How to buy a Short Sale Home?

When you spot a short sale house that interests you, take your hand off the mouse and step away from the computer. Before you get all excited over the prospect of buying that short sale house, pick up the phone and call your real estate agent. Your agent needs to research that short sale listing first.In some real estate markets, fewer than one in 10 short sales close. Just because that home is listed as a short sale doesn’t mean it’s really for sale (because it’s subject to lender approval), nor does it mean it will sell at the advertised price.

Here are 6 things you need to know before trying to buy that short sale:

  • Comparable Sales For That Short Sale House
  • Mortgage Amounts, Number of Loans and Lenders
  • Short Sale Listing Agent’s Track Record
  • Short Sale Seller Qualifications
  • Number of Short Sale Offers Received
  • The Listing Agent’s Short Sale Procedures