Considerations if you’re thinking of purchasing a short sale home

| Mar 2, 2021 | Real estate transactions

For many who want to buy a new home in Arizona without overspending, a short sale seems like the logical solution. In some cases, a short sale gives homeowners the most value for the money spent. However, it is critical to do your research before committing to the purchase.

A short sale involves purchasing a home for less than the amount the current homeowner owes. You can get a good deal through a short sale if the property is in decent condition. When the home is in poor condition, it might not be worth buying even though you can afford it.

The pros and cons of a short sale purchase

To determine if a short sale is right for you, consider reviewing the pros and cons of buying a home in this manner. Below are two advantages and two disadvantages of short sale purchases to consider.

  • Pro: A short sale typically involves less risk than buying other affordable properties.
  • Con: It can take a long time to complete a short sale purchase because each of the seller’s creditors must approve the sale.
  • Pro: Because the process can take so long, many homeowners do not want to wait, which might mean there is less interest in the home you want to buy.
  • Con: Often, short sale homes need expensive repairs because their owners could not afford to keep the property maintained.

A good way to approach the possibility of buying a short sale home in the Tucson area is to partner with a real estate law firm. It gives you an advocate committed to protecting your interests regardless of the home you choose to buy.