3 reasons buying a short sale might not be for you

Most people lose their common sense when they are facing a hardship. They tend to make mistakes that will affect them for the rest of their lives. When they follow their emotions, it becomes really hard for them to think properly in order to prevent problems that may cause them a lot of harm in the future. Facing foreclosure is definitely one of those hardships that many people are facing today. While some experts suggest that the economy we’re in is the thing responsible for our hardships and I’m with them in this as well. However, other people emphasize on the fact that it’s people’s fault that they get into foreclosure. I believe that if you act quickly and don’t ignore the lender’s letters, you’re going to end up with many options that are less harmful that foreclosure. In order for people to avoid foreclosure, they usually short sell their houses and get that remaining balance forgiven by the lender. If you are a buyer who wants to purchase a short sale, then you definitely need to slow down to see if it’s for you first. While it might be very beneficial to buy short sales, there are some cases where it’s not actually advised. Here are 3 reasons why it might not be for you: 1- You don’t want to wait: Short sales usually take from 2 to 3 months to process. If you are a buyer who happens to be in a hurry, then you definitely need to choose regular buying instead. 2- You need a high quality house: While you can definitely find a very good short sale, most of them are usually sold by lenders as they are. This means that you get to buy the house in its actual shape without any repairing or enhancement. For some buyers, this could be a nightmare as they don’t want to hire an inspector to see if there is anything wrong with the property. Buying a home “as is” is very dangerous as you can literally end up wasting a lot of money only on repairs. 3- Two mortgages: Many buyers don’t know this fact, but there are houses that have more than one mortgage. While it could take the seller 2 to 3 months to get their short sale approved by the first lender, it will take them way more time to get it cleared by the 2nd mortgage holder.