First, check if the price is reasonable enough or very low. You must be aware that what you see in the price tag is not actually the ceiling price. They only put that to invite more buyers because multiple offers give the seller the opportunity to select and come up with the best bid. So, be open with the possibility that you are not the only potential buyer for that property and the hard part is that it would be hard to make an offer because you have to compete with the other buyers who could give higher bids. So, the best option to do is check the house’s real market value and give an offer that is close to it.
Second, hire a real estate agent and be sure that he is someone who has the knowledge and experience in short sale. An expert on this issue could explain to you very well and comprehensively everything you need to know about homes that are on short sale. He could provide you advices and recommendations that could help you in making the transaction. Your role is to listen and be analytic in what he says.
Third, make the right offer by being competitive in your bid. You can do this by making a research about the seller and the amount of money he owes to his lenders. This will help you come up with a bid that would give interest to the lenders.
Fourth, it is important that you validate the requirements of the seller. Check if he has completed and submitted all pertinent documents such as tax returns, income records, and bank records; if not, talk to the listing agent and request him to inform the seller that the requirements are mandatory for the completion of the short sale process. Incomplete documents would delay the pace of your purchase of the property.
It is really enticing to see a potential new home which happens to be your dream home but the problem is it is a short sold home. It could be bothersome if you are not informed of the details about this kind of property. You already have bits of information about the essential things you have to consider and reflect on before going for a house on short sale. Keep in mind that it is better to know everything about this issue that you will be dealing with than to get into the transaction without any facts or ideas in your head. In this way, you avoid having headaches.