This is the second article in a blog series on short sale real estate investing in Northern Virginia. We’re taking a look at the pros and cons of these types of sales. So far, we’ve covered Part 1.
Short Sale Real Estate Investing – Creditor Approval Takes Time
...If the bank comes back and doesn’t approve the lower sales price that you and the seller have agreed on, you can walk away from the sale, but you’ll have wasted that time waiting while you could have been shopping for other properties and making other offers.
All that said, the biggest upside of these types of sales is that you can often get a really awesome deal on a property. It just depends on your timeline for buying and how patient you are.
Search Short Sale Listings in Northern Virginia
Short sales are always as-is sales, which means that you can still have a home inspection and void the sale after the inspection if the property is in terrible condition - you just can't negotiate for repairs and/or cash credits after your home inspection, like you can in standard sales.
Are you thinking about short sale real estate investing as a way to get a great deal on a Northern Virginia home purchase? Email me at DarrenRobertsonHomes@gmail.com for a free list of the top 10 short sale deals in the area of your choice!