Those who are looking for a deal on a home, can find one by buying a short sale, but buying a short sale doesn’t happen fast. Short sales don’t mean that they are short on time, but it simply means that the home is being sold for less than what is owed, coming up “short” on the balance.
Buying a short sale can take anywhere from 4 to 6 months to close, so be prepared. If this home is on the MLS, you can ask your agent to find out if this home is a short sale. The reason you’ll want to tune into this is because you may find a home that appears to be much less than the neighborhood calls for. Your agent can get this information for you, and that way you will have an idea of what offer you should really be making if you like this home.
Buying a short sale has its benefits, but just be prepared to wait awhile. If you aren’t in a hurry, then buying a short sale may be for you. You can get more information, by going to http://www.inlandempireshortsaleresource.com/.
-Mayer Dallal
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