February 8, 2013 –
This is an excellent time to consider purchasing property as an investment. At this time, there are great deals available through short sales. With some perseverance, an investor may find a home that was purchased at a price that is considered to be a bargain in today’s market. However, there are a few considerations that the investor buyer needs to be aware of when looking to purchase short sales.
Terms and Conditions
Be cognizant of the terms and conditions of the short sale approval letter. If you are and investor who is buying a short sale property and you are planning to resell the property immediately for a profit, the short sale approval letter may have conditions that prevent you from being able to do that as quickly as you had planned. Be sure to know what are the terms and conditions stipulated in the letter.
Another concern for investor buyers may arise with respect to disclosure. Not only is the buyer required to disclose that the home is intended to be immediately resold for a profit, but other disclosures are needed from the seller, such as whether there is a second lien holder and what are the requirements of the second lien holder. There may be additional cash requirements from the second lien holder in order for them to agree to the terms and conditions of the short sale.
The opportunities in today’s market are numerous. However, the buyer and their agent must do their best to have accurate information when it comes time to purchase. This will help to reduce the amount of time it will take for the closing to occur and it will greatly reduce the likelihood of any last-minute surprises.
At The Premier Group/Keller Williams in Woodstock, GA, our experience ranges from consistently managing and closing short sale and distressed properties to marketing and selling luxury homes. When you decide to sell your home or purchase a home, don’t hesitate to contact The Premier Group. We are dedicated to being the most qualified specialists that you can turn to for all of your real estate needs.