Whether you are looking to purchase a foreclosed property or a short sale, it is important to understand the implications of purchasing such a property. These homes are often a great deal for the buyer, but closing on one of these homes, especially a short sale, can often take longer than a traditional home sale. Read more
More on Distressed Properies in the Dallas- Fort Worth Area
Foreclosed properties are owned wholly by the banks that mortgaged them. With the rising popularity of purchasing these properties, it can often be difficult to go through the purchase process. However, for the motivated buyer, they are a great deal. The longer a home remains vacant, the easier it will be for a buyer to purchase.
The short sale process is often slightly more difficult to navigate for buyers. These homes are in limbo. The sale process can often take four to six months to complete, but these homes are often even more inexpensive for buyers than foreclosed properties. It is important for buyers to remember that a short sale will likely not come with the benefits of a new home purchase, such as pest inspections. Short sale homes are sold “as-is” with no guarantees of quality. It is important to get the proper inspections on a home before purchasing it. However, buyers must also remember that these properties are generally in good condition. Normally the only motivation for a short sale is a previous owner’s own financial troubles.
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