Over the last few years short sales have been abundant across the United States due to the downturn in the economy which sent many homeowners underwater.
If you’re thinking about buying a short sale for your primary residence, or to fix up and then sell it, this post will provide you with the tips that you need to know in order to get started with buying a short sale.
Step 1 – Find a Bend Oregon Realtor
The first step towards finding short sales in the Bend area is to hire a qualified Bend Oregon Real Estate agent, preferably someone who has been a Realtor for more than one year because, an experienced Real Estate agent will have local knowledge of the Bend Oregon Real Estate market and have the skills to help you find short sales.
Step 2 – Get Financing
The next step towards buying your first short sale is to get a mortgage loan because, you want to already be pre-approved once you find a short sale since the pace from finding a short sale to submitting the initial offer can go by very quickly and if you you’re not pre-approved for a mortgage, you will risk potentially missing out on a great Bend Oregon short sale.
Step 3 – Comparable Analysis
Once you find a short sale that you’re interested in purchasing, you have to make sure that you make an offer to the lender that is close to its market value. To make sure that you submit a fair market value on a home, make sure that your Bend Oregon Realtor does a comparative market analysis on homes that have been sold in the area recently just so you can have confidence that your offer will be accepted by your lender.
Step 4 – Create a Safety Net
Even though you’ve found a great short sale, make sure that your Bend Oregon Realtor includes some language in your offer to make sure that you have the ability to back out from buying the home if the short sale is in need of repairs. This step is vital because you don’t want to be stuck with having to buy the short sale if it’s in need of major repairs.
Step 5 – Keep Searching For Short Sales
Instead of settling on one short sale, it’s best to keep looking because, something can come up at the last moment to cause your purchase of the short sale that you really want to fall through so it’s best to have a list of at least three short sales that you really love just so you will have plenty of options to choose from.
What are your thoughts on short sales in Bend?
To view a list of Bend Oregon short sales, contact me today by calling (541) 383-1426.