Whether in volatile economic times or in the case of catastrophic personal events, sometimes homeowners cannot meet their financial obligations and this may necessitate liquidating assets. In many cases, the prime asset to liquidate is a home and when the sale of a home is termed as a ‘Short Sale’ it will attract buyers looking to save money on the purchase of a home while making the purchase quickly.
Historically, short sale transactions have never been a quick deal. Buyers need to realize that even if the seller accepts your offer, the lender may refuse because your offer is less than is owed on the home. Rarely do they close in less than 30 days and sometimes take 3 to 6 months as the lenders decide if they want to proceed based on the prospective buyer’s offer.
Also, in a short sale the home is being sold “AS IS” and that should raise every red flag out there that you need to know as much about this property as possible before signing on the bottom line. Whether the inspections are performed before or after the offer is accepted is not a hard set rule when dealing with “Short Sale” inspections. Sometimes it is better to inspect before the offer to see if it is worth getting involved with the offer process on the home. In other cases the listing agent has arranged for an inspection, providing the prospective buyer with the reports, allowing for easier acceptance or denial of your offer.
The only sure thing is that the prospective buyer will be paying for all inspections out of their own pockets, as the information solely benefits them in the purchase process. The seller is getting nothing out of the deal except bad credit and is losing money on their loan. Because of this, as a buyer you should arrange for the inspection yourself and The House Detective is ready to help you. The Home Inspection process will cover every conceivable area of concern including
- Internal & external structural inspection
- Plumbing Inspection
- Termite Inspection
- Roof Certification
- Electrical Outlet Efficiency Testing
- Mold Inspection
Short Sales can be tricky and hazardous but they also great potential for getting a great home at a great price and we can help you make the right decision.