3 Questions to Ask Before Buying Homes or Condos in Arlington VA on a Short Sale
When the real estate market starts to decline, everyone starts talking about short sales. A short sale happens when the bank is willing to accept less than what the sellers owe on their home or condos in Arlington VA real estate. This means you may find a great deal on your next home. However, short sales aren’t right for everyone. Before you decide to buy a short sale, you need to ask yourself some important questions.
- Can you afford to buy the property as-is? You can and should have an inspection done before you buy Arlington real estate. However, with a short sale, the seller is most likely not going to be able to make any repairs before they sell the property. After all, they’re selling it because they don’t have the money to make the payments. Make sure you’re able to afford any repairs the property will need.
- Is it really a good deal? You need to pay attention to the home’s value. How does the price compare with what other homes are selling for? Paying $175,000 for a home when other homes are selling for $130,000 means you’re really not getting a good deal. Just because the home is a short sale doesn’t mean it’s worth your time and money.
- Are you prepared to deal with the bank? The bank’s only concern is getting their money from the home sale. To ensure this happens, the bank will require extra paperwork. They will even take their time negotiating if the seller has more than one mortgage. It doesn’t matter to them how long you have to wait. If you don’t have time to wait for the bank to approve the short sale, you probably should look for a different home.
Right now is a great time to buy a home, whether it’s a short sale or not. Let me help you find the right home or condo in Arlington VA that best fits your budget and needs. Call me today at 703-909-3939 or contact me now!
Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939
