Home Buying in Hillsboro>Question Details

Paul Sarani, Home Buyer in Hillsboro, OR

Hello, What are the advantages and disadvantages of purchasing a shortsale property? Thank you

Asked by Paul Sarani, Hillsboro, OR Mon Oct 1, 2012

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Buying a shortsale can be a complicated process. There are things you need to know like which bank is holding the mortgage and if there are any other liens on the property. Closing on a shortsale will take longer and depending on the conditions can sometimes take over a year to close.

Not all shortsales will be this way, keep in mind. The best thing you can do is just like you are doing... Research. I have accually come up with some great shortsale info just from googling questions like "How to buy a short sale house." eHow has some great articles on short sales

The advantage is shortsales is they can save you anywhere form 10 to 25% of the market value of the home.



Good Luck
0 votes Thank Flag Link Wed Oct 17, 2012
Hi Paul,

I would say the disadvantages would be the uncertainty....uncertainty as to how long the process will take, will the bank(s) agree to the purchase price and terms you have offered and lastly, whether it will even go through at all which depends heavily upon the agent and/or negotiator handling the file.

The advantages are getting the home you want and possibly getting a good or very good deal.

Best of luck,

Barbara Grandolfo
0 votes Thank Flag Link Mon Oct 1, 2012
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