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With an increasing number of short sales hitting the market, more people than ever are looking into buying these homes. That being said, there is a lot to consider before shopping for an Wayzata short sale.
Before we go any further, it is important to contact an Wayzata Realtor who is experienced with short sales. It takes a knowledgeable agent to get the best deal on one of these properties.
A short sale is not the same as a foreclosure. With a foreclosure, the bank owns the property. With a short sale, the seller is asking the lender to agree to take less than the amount owed on the home.
The name “short sale” confuses many people into thinking that the process is quick. Nothing could be further from the truth. This can be a time consuming process. If you don’t have a lot of time to buy a home, a short sale is not a good choice. These transactions often times take several months to close.
Here are three tips for buying a short sale in Wayzata:
– Be patient. If you make an offer, it may be several months until you hear back.
– With a short sale you are purchasing the home as-is. For this reason, you need to have a home inspection. You may not be able to ask for repairs, but at least you know what you are getting into.
– Rely on your realtor. Your agent can dig up information on the home to ensure that you make the right offer.
If you are interested in an Wayzata short sale, contact us to discuss your options.