What To Look For When Reading Short Sale Listings
When you are looking at buying a short sale, do as much due diligence as you possibly can. That starts with taking a very close look at your target short sale listings. The information contained therein may not always be correct.
One of the first things we want to know is who actually owns the property. Don’t take it for granted that the real estate agent knows. Sometimes people in foreclosure do things out of desperation and exasperation. Somebody comes along with some cash and says sign here and the next thing they know is they don’t own the house anymore. The agents hardly even bother to check so when viewing short sale listings start your investigation there.
Next, is the home really a 3 bedroom or a 2 bedroom with a garage that was illegally converted? yep…seen that too! While it maybe represented as having a certain amount of bedrooms and bathrooms and it may even look like it has a certain configuration, in reality that may not be true.
Please understand that anything you can find that protects your investment is worth uncovering. That’s why when we view short sale listings we are extremely thorough.
