On the face of it buying a house on a short sale basis certainly sounds like a good deal especially for investors. Its often an opportunity to purchase a property at a price well under its normal appraised valuation. But before jumping in you need to be aware of the disadvantages of buying a short sale in Snellville . Depends on Mortgage Lenders Approval A short sale usually involves selling a house for less than is owed on it. Ahouse listed as a short sale is still owned by an individual (unlike the case of a foreclosure).That person either makes up the difference between owed amount and sale price or gets the lender to write it off. What this means then is the owner isnt the one who approves the sale price its the lender. And since the owner is attempting to get the lender to accept less than is owed on the property the lender isnt always very eager to accept proposed prices. You could go through the whole headache-inducing negotiations process only to have the lender ultimately reject your offer. And then youd have to do it all again. And on top of that if there are liens against the property youd have to get more than one lender to agree to the sale price. Pricing Problems Related to our first of thedisadvantages of buying a short sale in Snellville is the fact that the advertised short sale price may not be a lender approved price at all. Its often the case that the advertised price is just a ploy to get potential buyers on the hook. If the lender doesnt accept your offer of the advertised price they may give you a counter offer. But it may be more than youre willing to pay for the property and youre out a lot of wasted time again. And again if there are multiple liens on the property and even if the first lien holders accept your offer of the advertised price a lien holder further down the line may reject your offer. Lengthy Process If you need to purchase a property quickly a short sale probably isnt the best option. It sometimes takes up to a year to get a short sale finalized. And of allthe disadvantages of buying a short sale in Snellville this one could be the most off-putting for investors. If youre buying a short sale youll need plenty of patience. Although a response from a lender usually takes at least a couple of months it can (and does) take nine months or more in some cases. Other factors that come into play to lengthen the process are the lenders experience with short sales the number of lenders involved and whether the seller has actually been short-sale approved. The upshot of this is that buyers can lose out on low-interest loans with rates guaranteed for only 60 to 90 days. Buyers could also lose tax credits during this protracted waiting period. As-Is Sale Generally sellers wanting to negotiate a short sale are suffering from some kind of financial distress or hardship. Its very likely the case then that they dont have and havent had the money to properly maintain the property. And because the lender is already losing money on the sale they wont offer any concessions for maintenance problems. Thats why most short sales are done on an as-is basis. So if youre considering buying a short sale you need to be aware that you may have to lay out some significant cash for thorough inspections. And then maybe a lot more for repairs. Buying an investment property isnt always as easyas it seems and a deal isnt always as sweet as it appears on the surface. IF YOUD LIKE TO DISCOVER MORE ABOUT HOW TO AVOID THE DISADVANTAGES OF BUYING A SHORT SALE IN Snellville JUST GIVE US A CALL AT 678-337-1165 ORFILL OUT THE FORM ON OUR WEBSITE. WE CAN HELP MAKE THE WHOLE TANGLED PROCESS A LITTLE SMOOTHER. https://www.FreshStartHomeSales.com https://sites.google.com/site/freshstarthomesales/ https://www.facebook.com/FreshStartHomeSales/ https://FreshstartHomeSales.Business.site https://twitter.com/RentToOwnHomAtl The post 4 Disadvantages of Buying a Short Sale in Snellville appeared first on Fresh Start Home Sales. via Blog Fresh Start Home Sales https://www.freshstarthomesales.com/disadvantages-buying-short-sale-near-snellville-ga/