A few years ago buying a home meant you had to be prepared to overpay to get what you wanted, a few years later and all of that has changed. With the decline in the housing market the market is saturated with many homes that are being sold as short sales. A short sale means that the home is being sold for less than is owed on it. While a short sale may help you find a great deal, there is more to the process you should understand, especially when investing.
When investing, you want to get a home for the best value possible to make the most of a return on the investment. For this reason, a short sale might be the great investment opportunity you have been waiting for. Before beginning the home search process, first you should get a complete printout of the Las Vegas short sale listings from a realtor that is experienced in the short sale process.
Review the list of homes and visit those that meet the requirements you have established. After visiting the homes you may find the one you have been waiting for. Then the buying process begins. When choosing a home consider the cost, the number of bedrooms and bathrooms, but consider as well the reason behind the short sale. The reason many homes are being sold as a short sale is due to the decline in the housing market. When choosing a home for an investment it’s important to determine how long it will take for the area the home is will rebound and the values will rise. You want to determine what the potential return on your investment will be.
When making an offer on a short sale home you should also realize that the home buying process when proceeding with a short sale can take much longer than a traditional sale. While you will be originally working with the homeowner, you must also have approval of the offer and stipulations by the lender as well.
When choosing a short sale, the main things to remember are the advantages and investment potential you can find in a short sale. These advantages include:
- A much better price. Because of the short sale market you have more home options in your budget and area than you would traditionally.
- The home is usually in better condition. Because the owner of the home is still living in the home and still presents the home for sale, a short sale home is usually in better condition and has less damage than a foreclosure.
While choosing an investment property is an important step, the advantages to a short sale may offer a much better long term return on your investment.