Before You Purchase That Short Sale

Who could pass up the opportunity to purchase real estate at a fraction of it’s worth? There are some stunning properties on the market right now listed as Charleston short sales. We told you about the savings of buying foreclosed property but there is even more profit to be made on Charleston short sales.

Before you consider purchasing a short sale property, it's important to research the title to see how much is owed to the lender. This will help you determine how much you would need to offer in order to purchase the property. If there are multiple mortgage loans on the property the process is more complicated. The mortgage lender would be looking to have both paid off by selling the home.

Be sure to meet with your lender to qualify for a loan to purchase a short sale before making your offer. Your mortgage lender will want to be sure you have the ability to pay the loan off so you may need to pre-qualify for the loan amount before the seller’s mortgage holder will approve your offer.

Once the seller accepts your offer and the lender approves of your mortgage, then you are able to purchase the home. Be sure to make the purchase contingent on an inspection of the property so you have the chance to back out of the sale if you find out there are major damages to the house that will need to be repaired. Keep in mind that Charleston short sales are sold "as is" and the fact that it's a short sale means the homeowners were struggling financially and may have neglected to repair serious problems with the house.