If you’re on a budget, short sales can be a good investment. Here’s what it means to buy one.
The bank is involved. Short sale means the seller was underwater on the mortgage. So a bank is now involved in the selling process.
The price is lower. You can often find a good deal. But that could mean the home needs repairs. Consider this carefully.
The process takes longer. The bank has to approve the sale. This could take months, so be ready to wait.
Short sales can get you a good deal on the house. But it comes with added risks and possible complications. Be patient and knowledgeable if you’re willing to buy a short sale property.