What to know when looking to buy a short sale home.

With Short Sales making up a large majority of the real estate market, home buyers are forced to consider purchasing a short sale property.

While buying a short sale may not be the most pleasant real estate transaction, it is still doable and The Lawhead Team would like to provide some tips to making sure you are fully prepared to start your short sale buying process.

A short sale is an attempt by the current owner to sell a home instead of the bank taking it back to partially save their credit and lift the burden of the huge mortgage debt they were paying.  Unfortunately, with a short sale the entire process relies on the hope that the bank will take a loss, approve the sale and eliminate the costly process of foreclosing, clearing and reselling a home.

The potential buyer should keep these tips in mind:

Short sales can be a great opportunity to find your new home at a competitive price. A short sale could also be a major headache that lasts for months. It is important to have a good understanding of the factors that lead to a successful short sale to make it an enjoyable and profitable experience. Remember to contact The Lawhead Team for all your Real Estate questions and needs.