How to Buy a Home After a Short Sale

Real estate agent selling a house to customer

If you are selling your home, it is important to make it look as good as possible. Make sure all of the walls and floors are clean, and windows and blinds are in good repair. Also, pay special attention to the curb appeal. Motivated buyers won’t look at a fixer-upper, so make sure that everything is working. Items like a broken cabinet door or a cracked window will scare buyers away. Similarly, a loose step in the garage may give the impression that the home needs a lot of work.

One of the most common times to buy a home is late summer. Buying a home during this time is ideal because many sellers are willing to lower their prices in order to attract buyers. A buyer can find the best home for their needs in late August. According to the Chicago Board of Realtors, the median price of a new single family home sold last year was $321,500. The median size of these homes was 2,322 square feet.

If you are a homeowner who has experienced a short sale, you may be able to qualify for a VA loan after the short sale. Generally, this loan requires you to be current on your other debts and make a 3.5% down payment. There are exceptions to this rule, however. If you’re in a situation where you need a loan for a short sale, you should contact a professional lender to discuss your options.

Depending on the situation, selling your house can take anywhere from six months to several years. You can spend weeks or even months researching deals, negotiating with realtors, and closing a deal. Once the transaction has been completed, you’ll have to make your first mortgage payment a few weeks later. Short sales occur when the amount owed on a real estate loan exceeds the sale price. This happens when the seller asks the bank for less than what they owe on the property.

Another important consideration is where to live. Some people choose to work from home, so they may be able to purchase a property within an hour’s drive. Others prefer homes located near malls, grocery stores, and other commercial centers. Many people also consider properties close to great hospitals. For example, you’ll want to be close to hospitals if your children need treatment.

Before making an offer on a house, make sure that you’ve pre-approved for a mortgage. This will give you an idea of how much you can afford to spend on monthly mortgage payments. You can also hire a real estate agent to make sure that the house you’re interested in is safe for you to buy. A real estate agent should be able to recommend inspections that should be done before making an offer. You can also ask your agent to bring an arborist to look at the trees and check for poisonous plants and invasive plants. You can also look for signs of dehydration in plants or vines.

How to Buy a Home After a Short Sale
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