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Barb Lanis

Short Sales and First Time Buyers

Thursday, September 27, 2012 - Article by: Barb Lanis - The Federal Savings Bank is a member FDIC and Equal Housing Lender - Message

While a short sale may not be for everyone, it sure is a great deal to many first time buyers. Short Sales are indeed a great opportunity!

The key to dealing with short sales is to have a lot of patience because they may take a longer time to settle a deal. It is especially great for first time buyers because of the discounted price.

It's important to work with a Realtor in your area who is experienced in short sales as well as the local real estate market so your agent can identify the valuable properties. Short sale properties are often sold "as is" which means that the sellers won't be making any repairs to the home. A home inspection is important to have conducted right away so you can get out of the deal if the house is not up to par.

A short sale is not for everyone as it can come with considerable delay or emotional strain, but the payoff can be very good for the buyer. This is why a short sale is perfect for a first time buyer who may be flexible in terms of the closing date. Sometimes the short sale approval is not approved by the bank represented by the Seller. Sometimes it doesn't happen quickly enough for you. Buyers need to try to keep their emotions at bay during the process and have plenty of patience. Short sales are an uncertain experience, but if you are prepared and patient, you may end up with a great home at an even greater price.

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