Buying a short sale property in Lake City is different from buying a foreclosure or another type of real estate – and many homebuyers make mistakes during the process.
What is a Short Sale?
A short sale on a house is what happens when the owner sells the house for less than he or she owes on it. (The term short sale doesn’t refer to time; it refers to price, as in the owner has come up short on the amount due and is willing to sell the home at a discount to avoid foreclosure.)
A short sale typically happens when the home’s value drops.
Common Mistakes Buyers Make With a Short Sale
One of the most common mistakes buyers make with a short sale is skipping the property inspection. Having the property inspected by a professional you trust is essential; you won’t have any way of knowing if the home has been properly maintained, whether there’s damage, or whether it’s going to cost you buckets of money to rehabilitate.
Another mistake? Failing to do extra research on a home’s status. In many cases, bank-owned properties sell “as-is,” and they don’t include disclosures that you’d see in ordinary real estate transactions; that means buyers need to do more homework to make sure they’re not buying a lemon.
Finally, many people don’t realize that short sales can take longer to go through than traditional real estate transactions do. The short seller’s lender needs to approve before he or she can sell, and that process can drag out for months.
Are You Buying a Home in North Florida?
When you’re ready to start exploring Florida land for sale or homes for sale in Lake City, we’re here to help.
Call us at 386-243-0124 or if it’s easier, contact us online. We’ll begin searching for your new home right away.
You can also explore these links to start your search:
- Water Front Residential
- Water Front Land
- Bank Owned & Foreclosures
- Short Sales
- Paved Road Frontage
- Non Deed Restricted Land
- Wooded Oak Tree Land
- Land for Land Home Combo