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What are tips for buying real estate in a short sale?

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Some tips for buying real estate in a short sale can include estimating costs to repair any problems in the home, making sure that the terms of the sale are fully understood and knowing market value. Buyers should also make sure that an inspection of the property is completed.

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What are tips for buying real estate in a short sale?
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Full Answer

Buyers looking to purchase real estate in a short sale may also want to consider working with a real estate agent. A real estate agent can help buyers navigate through the offer process, as well as ensure that the buyer's interests are protected during the process. This can include putting a clause in the offer paperwork that gives the buyer a way out of the purchase if specific circumstances arise. An example of this includes if an inspection showed that the home needed costly repairs that were not previously disclosed.

Tips for buying real estate in a short sale should also include knowing the market value of the home and how much work may need to be put into the home. This is important as the purchase price of the home may seem like a bargain, but there could be costly repairs or remodeling that need to be done that could put the total cost of the home way over market value. Doing so could make obtaining financing or selling the home difficult.

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