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Real estate transactions: Tips for making a short sale purchase

When people who are shopping for a home see a short sale listing in Minnesota that they like, they may feel compelled to hurry and make the purchase. Short sale properties are typically more affordable than other listings and homeowners do not want to miss out on a good deal. However, as with all real estate transactions, it is wise to slow down a bit before making the deal.

A great first tip is to do your homework before entering into any agreement. This is especially important if you have never engaged in short sale real estate transactions before. These types of transactions are different from a regular real estate purchase, making it necessary to expand your knowledge.

The second tip involves getting authoritative assistance from someone who understands short sales as well as other real estate transactions. In many cases, you can engage a lawyer who fills many of the roles a real estate agent would fill. This helps you save money while ensuring your interests remain protected throughout the transaction. Other short sale tips include the following.

  • Make sure your finances can support your purchase
  • Short sales can take time so expect to wait for approval
  • A pre-approval notice from your lender may help persuade the seller
  • A large earnest money deposit can also convince the seller

Although short sales provide you with the opportunity to snag a real bargain, they can also be complex real estate transactions in many ways. If you are patient and choose to rely on your legal counsel, you can walk away from the deal with a new home at a bargain price.

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