Short Sales Near Me in Western PA

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What Are Short Sale Properties?

Short sale properties are homes sold to a third party for less than the amount owed by the homeowner. Although unfortunate, short sales provide homeowners under some financial hardship with an alternative to foreclosure. However, the lender must agree to absorb the loss caused by a short sale, usually incentivized to avoid the costly foreclosure process. On the other hand, foreclosures are homes that are being forced to sell by the lender to recoup any potential losses.

Pros And Cons of Short Sales

What makes short sales appealing to real estate investors? One of the biggest benefits of short sales is the large discount they often present. When a homeowner owes more on a property than it is worth, lenders are incentivized to take less than what is worth, avoiding the costly foreclosure process. This means an opportunity for you, the buyer, to find get a great deal. Contrary to the foreclosure process, you will be able to walk through the property to see it for yourself before making the purchase. This will help you get a better idea of any repairs that may need to be made to the property upon purchase.

You should also consider some of the drawbacks associated with short sales. Contrary to what their name may suggest, short sales actually take a significant amount of time. The approval process for a short sale relies on the lender, not the homeowner. This means that even if the homeowner approves your offer, the lender can reject it. Lenders may take up to a year or longer to approve your offer, which may prolong your short sale deal. Although you will be able to assess the repairs a home will require in a short sale, they will not be covered by the seller or the lender. If your short sale property does end up requiring repairs, be sure to take into account that you will be financially responsible for making them.

Short Sales Near Me in Western PA

What Are Short Sale Properties?

Pros And Cons of Short Sales

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