Tips for Finding Short Sale Properties

Even before you browse an MLS home search tool to find short sale properties, it makes sense to fully understand the short sale process and what you can expect. Few buyers realize how very different short sales are from the typical real estate transaction. Below are some points to keep in mind when you think you are interested in purchasing a short sale property:

• Short sales are sold "as is," and even if you conduct an inspection and find problems with the home, the seller (typically the lender) will not provide funds for repairs. You will be responsible for any updates or repairs or even cleaning to make the home "move-in ready."
• The short sale process is anything but short! The process can take a few months to close, and even after a long wait, the lender may decide to pull the plug on the sale. If you want a house quickly, short sales may not be the right option for you.
• There is a significant chance that the interior of the home is distressed. Often when a home buyer is losing the home, they will quit cleaning and taking care of it. Some will even purposefully damage the home. So you can expect to have at the minimum a big cleaning job on your hands and possibly significant repairs at your own expense.
• Some of the paperwork involved can be complicated, which is why it is wise to work with a licensed real estate agent who has experience with Madison short sales. Then, you can relax and know everything is being handled by a professional.

While short sales are clearly very different than a regular home transaction or even a foreclosure purchase, they sometimes provide great real estate deals worth your time and effort.