Tips for Buying a Home in a Short Sale in Gilberts Area

by | Jul 27, 2016 | Lawyers

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Gilbert Area has seen a decrease in the median-priced houses in the recent past. Many sellers are up for short sales. If you are interested in buying in a short sale, here are some tips that can help you.

Lender’s Approval

The lenders are at a loss in short sales along with the sellers. You need to set your offer lucrative from other competitors. But the lenders will not expect the buyers to fall out of escrow.

The short sales need at least 90-120 days. You need to wait for the lender’s approval. You can choose pre-approved houses if you do not have the patience.

Agents Experienced in Short Sales

Not all agents are well-versed in short sales in Gilberts Area. Listing homes ready for short sale is only a part of the sales process. Find an agent who knows how to get the short sales approved.

The experienced agents are not expensive. In fact, if you choose inexperienced ones and the sale does not get approved, you lose your time, effort, and money.

Inspect All the Elements

As a buyer, you need to inspect the home and try to figure out the reason behind selling it. Disclosure statements often mention if there was any issue such as unapproved renovation. Get the papers verified by a renowned real estate attorney.

Once you note a problem, get an estimate of the cost of repair. Renovation costs should not surprise you later.

Think about Future

A home in a short sale has depreciated value already. As a buyer, you need to be sure of why you are buying the house. You need to know the cost may further fall when you resale.

If you are happy dwelling there, the purchase should not make you spend too much on renovating the habitat.

If you are eyeing a short sale in Gilberts Area, hire a legal expert from Jackson Abdalla Law Group to represent you and handle the legal matters.

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