Owning a rental property is a great way to develop your net worth and earn some extra income. It comes with a lot of responsibility and can be intimidating especially if it is your first time owning
Pros and Cons of Buying a Short Sale. Anchorage, Alaska Real Estate Tid Bits
Dated: January 11 2018
What is a Short Sale? Pros and Cons of buying a Short Sale Property
Anchorage, Alaska Real Estate
What is a Short Sale?
A short sale is when the proceeds of a property
Pros of a Buying a Short Sale:
-The biggest advantage of buying a short sale is PRICE. Short sale listings are typically listed below market value which provides a buyer great opportunity to purchase a home with
-Short Sale Listings tend to be in better condition than Foreclosed Homes.
Cons of Buying a Short Sale:
-The biggest disadvantage of buying a short sale is TIME. Short sale buyers must be patient because
-The Home is
-There are no guarantees that the home buyer will get to close on the home, even with months and months of waiting.
Every short sale situation is unique and every negotiator for each short sale is unique so it's hard to predict the outcome of these sales.
The best way to go into buying a short sale is to NOT get emotionally attached to the home. And although I discourage my buyers from looking at a home purchase purely for financial reasons... it is almost encouraged to think of a short sale in that way.
Consider how much time your family has to wait on a home and how much time you consider reasonable. Never ever put your hopes on a short sale home. Once buyers get emotionally invested in
Some questions to ask the listing agent:
1. How far along are you in the short sale process?
2. Has the bank approved a certain listing amount?
3. Has any paperwork been submitted to the bank?
4. Is there a foreclosure sale date set?
5. Is the seller willing to do repairs?
Good luck to you and your family
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....
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