10 Simple Steps to Buying a Home in a Short Sale: A Great Way to Buy A Home for Less!

posted on December 15, 2017

A short sale is a great way to save a lot of money when you buy a house. Whether you're looking for a place to live or want to make a profit, follow these 10 simple steps. You can buy a house at a solid discount!

Identify Possible Short Sales

You can do this online or at the local courthouse. Look for houses where the seller owes as much as or more than the house is worth.

Visit the Property

You want to make sure you know what you're getting. Make estimates for repair costs (if repairs are necessary).

Research

What's the property worth? Does it make sense to buy this property? If so, at what price?

Find Liens and Morgages

Make sure you know about all debts tied to the property. You'll inherit them if you buy it.

Figure Out Your Financing

You won't have time to apply for a loan once the short sale process starts. Short sales close quickly. Get your financing arranged ahead of time.

Contact the Lender

Speak with the loss mitigation department. Don't talk to the collections or customer service departments -- they're more interested in keeping the owner's existing mortgage alive.