Buying a short sale property in Chicago is a great way to buy a house at an excellent price. However, there are some things you should know before making an offer. Learn more about short sales and what you can expect in our latest post.
Short sales occur when the bank agrees to sell the house for less than what is owed in order to recoup some profits. Buying a short sale is a great way to save some money on the purchase of a Chicago house. Below, we offer some tips to make buying a short sale a quick and easy process.
Tip 1: Have The Right Team
When you buy a short-sale property, it is important to have the right people backing you up. You’ll want to connect with short sale experts such as Chicago Home Buyers, agents who specialize in short sales, lawyers who specialize in short sale properties, and title professionals who will work with you to get the search done quickly. Having the right people in your corner will help to ensure the process runs smoothly without any hangups or hassles. You’ll want to have knowledgeable, experienced, and trustworthy people on your team in order to ensure success with the purchase of your Chicago short sale property.
Tip 2: Have Your Finances In Place
Before making an offer on a short sale property, be sure to have your finances in order. You will either want to be pre-approved by the bank or have the cash to purchase the short-sale property directly. There are some other perks to using cash for a purchase. Sellers will appreciate your ability to close quickly without any hang-ups or red-tape from the lenders. Buying your property in cash will ensure a stress-free and uncomplicated closing.
Tip 3: Inspect The Property
While the bank isn’t likely to negotiate with you when it comes to repairs, ordering an inspection will let you know what you are getting onto in terms of the property. It’s important to do as much research on the property as possible in regards to past repairs, additions and other modifications to the house. You don’t want to be surprised if something major comes up after the purchase has been completed.
Tip 4: Do Your Homework
Before making an offer on a short-sale property, you’ll want to know how much the house is worth and how much is owed to the bank. The bank is taking a loss, but will not want to hold on to the property for longer than they have to either. Having this information about the property will help you to create a realistic and practical offer that is likely to get noticed by the banks.
Tip 5: Understand The Risk
Just like with a foreclosure, you will likely be purchasing the property as-is. You will inherit any liens or title problems that are attached to the property in its current state. The process can take a long time to finalize, leaving you in limbo and at risk of missing out on other opportunities. Before buying a short sale property in Chicago, make sure you understand just how long the process can take.
Buying a short sale in Chicago is an excellent way to buy a house at a huge discount. Short sales can come with some risk, but when you do your homework ahead of time and put yourself in a position where you know what to expect, buying a short sale can be an excellent way to buy a house in the [markey_city] area without having to spend a fortune!