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Think carefully when you consider buying a short sale

You have probably heard the old saying that when something seems to good to be true that is probably is. This is one saying that will usually ring truest when you are dealing with real estate. When you are hunting for good deals on homes, it is imperative that you take the time to carefully consider some very specific points regarding the transaction.

One way that you might be able to find a good deal on a home is through a short sale. This occurs when the home sells for less than the current balance owed on it. The lender must agree to the short sale since the entire balance of the current owner's mortgage isn't paid. If you are considering a short sale, here are some points to remember.

First, take a good look at the condition of the property. It is all too easy to ignore what might seem like small issues because you are getting such a great deal on the property. Ignoring these problems could mean that you end up having to come out of pocket for much more than what you originally anticipated.

Second, make sure that you think with your head and not your heart. You shouldn't fall for a home that is obviously a bad home. Even if the house is in your dream neighborhood and has the floor plan that you want, all of that won't do you any good if you can't actually live in the house.

Third, make sure that you take your time. Have a proper inspection done on the property and don't try to rush the closing along. You need time to evaluate the situation, so take the time to do this. When you have the property inspected, pay close attention to what the inspector tells you. Ask questions if you don't fully understand what is being said to you.

Fourth, make sure that you understand all of the legal points regarding the home. This includes finding out about things like taxes and liens.

As you go through the process, remember that you are the only person who can protect your interests. Take the steps necessary to do this.

Source: Bankrate, "5 common errors when buying a short-sale house," Lora Shinn, accessed July 27, 2017

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