It is always a great idea to always look at each purchase objectively. You have to make sure that you get the best value for your money. It would be wise if you can get a product or service at a bargain price or below its true market value. For home buyers, this could mean looking for short sales as these properties are usually associated with low low prices. But buyers should understand that these properties are not the best choice all the time.
For one, you should keep in mind that the price listed for the property in question is not the actual price you will be paying. That figure you see is just an estimate of how much it would take to close the deal. But not all lenders are willing to take back losses so sometimes, they would just sit on the property waiting for the market to be in their favor once again before selling it.
That said, it is apparent that the biggest drawbacks to buying a short sale property is the time it would take to close a particular deal. You would first send an offer to the lender and wait for their response. As stated above, they could just wait for the market to turn around so you can get your approval in months.
If you are fortunate to have your offer accepted, it does not necessarily mean that the deal is done. Actually closing the deal could take about a couple of months. Not all buyers have that time to wait to have their home so if you belong to this group, you must not waste your time going for short sale properties.
Another reason why short sales are time consuming is the fact that it could take you a long time to even find one to send your offer for. While you can always use multiple listing services or MLS, some do not indicate whether a property is a short sale one or not.
If you are therefore bent on taking advantage of this type of property, you would need the service of a good real estate agent. They can help you not only in looking for the property to send an offer for but they can also help you with sending an offer to the lender. This is just one of the reasons why you should take your time in looking for that one real estate agent to work with.
Jason is a real estate agent helping people find homes MN for sale by offering the use of MLS MN on his site Homes MN For Sale.