Foreclosures, Short Sales and Investment Opportunities

Foreclosure deals on distressed homes at excellent prices are at an all time high. Everyday now not only investors but also second home or vacation home buyers are finding fantastic deals. There are just a couple of important rules you must understand when looking at pre-foreclosure or short sales. The number one rule is patience and coming in a close second is paperwork.

Short sale terminology may lead you to believe it is short and sweet. The home owner must be struggling and the bank does not want to own property so it should be pretty simple right? Wrong. More than likely the bank or mortgage company personnel is understaffed and overworked. Some of these people are working on as many as 100 files at a time. This, more often that not, is exactly the scenario and it lead to lots of delays, which leads to frustration which can end up in disgust. As a buyer you must have patience with the short sale process. Many times it takes weeks and even months longer than a typical real estate transaction.

Foreclosure and short sales paperwork is another very important consideration. As a buyer you should be very well organized. Before you even begin to look there are a few very important items to have ready. Being prepared before hand will greatly reduce mistakes that could cost you time and money.

Finding a foreclosure or short sale home that meets all your needs at a bargain price takes persistence and patience. A good Realtor will not only help you find a home at a great price but will also help you prepare for the process before it begins. That is the secret to a smooth, relatively stress free home purchase.