On the surface level, it seems as though you might be getting a good deal when you buy short sale but there are times when you’re better off not doing that. Here are a few reasons why you might not want to buy short sale.
The seller borrowed too much. Some banks allow borrowers to overmortgage their home, especially for appreciating markets. This means that the loan balance of the borrower exceeds the property’s value.
The house is not qualified to be a short sale. Some unethical real estate agents might convince sellers to do a short sale when he or she does not even qualify for a short sale.
Lenders change the condition. There are lenders who have the right to renegotiate the short sale’s terms at the last minute, especially when new laws have been passed or if the market changes. They’ll have a lawyer at their disposal while you, the ordinary buyer, won’t.
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