Real Estate Blog – Condotron

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14 Feb

Tips to Get a Good Deal on a Quick Sale

Posted in Property, Quick Sale, Real Estate on 14.02.09

quick saleIt might be ironic to term a quick sale a good deal. Reality wise, a lot of people are short selling their homes and a lot of wannabe homeowners take advantage of the situation.

One must remember though that a short sale is not really that short. Lenders of the sellers must agree with the sale and this can make the process like getting a regular home sale.

Here are some useful tips when going for a quick sale:

Know the situation you are getting into. Short sales can take a few months to go through. You will be dealing with several parties from the seller, to the lender, and the agents that may come in between. Think of your budget and where you will be staying while closing the deal.

Work with the right Pro. A quick sale is not as simple as it sounds. A good pro is always the best partner but make sure that you are working with an experienced broker who has done a ton of quick sales.

Choose the right property. The less liens on the property, the better. When scanning the home for sale listings, drop the properties which may require you to deal with several lenders. The headache will not be worth it.

Bid for a fair price. Homeowners trying to quick sell their homes might under price the sticker. Bidding low might not really convince the lender. It will be better to have your broker find the fair price value of the home so it will be a win win situation.

Be market conscious. The bank will send you a counter offer and make sure that you know how to handle it by using the current market as a gauge. Normally a bank will try to sell a home for 90 per cent of its value.

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