Rick Hawley of Oregon Explains How Buying a Short Sale Home Differs From Buying a Regular Home For Sale

Rick Hawley Oregon

September 1, 2021

Rick Hawley Oregon (4)

Rick Hawley of Medford, Oregon is a real estate agent who wants to help you if you are looking to purchase a home. If you are looking to get a great deal on the home, looking at short sales may be one of the options that are available to you. Short sales are typically houses that are in pre-foreclosure or foreclosure status and may be sold by either the homeowner or the bank. Here is more information about the differences when buying a regular home versus buying a short sale.

 

Rick Hawley Says That Buying a Short Sale Is Usually Cheaper

Rick Hawley of Oregon says one of the biggest advantages associated with a short sale is that the home is usually cheaper. A short sale can happen when the home is in pre-foreclosure or foreclosure status. If the home is in pre-foreclosure status, the homeowner and the bank are working together to move the home so it does not have to be foreclosed upon. When the home is already foreclosed upon, the bank is looking to move it quickly. Either way, both parties want it to move quickly so they are not responsible for it, resulting in cost savings to you.

 

Rick Hawley of Oregon Explains That You May Have to Negotiate Price With the Bank

Rick Hawley of Medford, Oregon says that one of the most frustrating elements associated with making an offer on and buying a short sale home is that the bank is involved in some way. Unfortunately, they have to approve your offer, and they may counter back. When you are working with a bank, the negotiation process can be slow, as most bank employees have to get approval from their boss. You have to be patient and you have to be aware the negotiation process can last a month or longer.

 

Rick Hawley States That Most Short Sales Are Sold As-Is

Rick Hawley of Oregon explains that the final thing you need to understand about short sales is that most are sold as-is. The seller and/or the bank do not have time to make changes to the home or fix everything. It is recommended that you still do your own inspection to ensure there is no major damage, but do not expect the seller or bank to replace an old air conditioner or rewire the home.

 

Rick Hawley explains that when you are buying a short sale, you may be dealing with both a homeowner and a bank. The transaction may move very quickly or it may move slowly, depending on who is handling the bank. You also may not get to inspect the home and may have to take it in as-is condition. However, you can save a lot of money on the home, which is why some people prefer short-sale properties. Reach out to a real estate professional, such as Mr. Hawley, to learn more about short-sale homes.