With the current economy still looking rough for the real estate market, it may be time for you to buy a bank owned property via a short sale. But getting the perfect short sale home is going to take some planning.  In this first of a two part series on buying a short sale home, we will discuss the preparation needed to complete a short sale transaction.  In the second part of the series, we will discuss the negotiation process.

The best possible outcome will almost always happen when you work with a licensed Realtor. Many people understand the mechanics of the short sale, but lack the negotiating experience necessary to get the best deal. Now is not a time for inexperience.  Get yourself a Realtor that has some experience in the ebb and flow of negotiating with banks on short sales.

With this key person aboard your team, you can then work together to figure out the price range that will work for you.  Don’t get in over your head.  Make sure you also understand the commission structure, closing fees, appraisal fees, etc.  Being realistic on what you can afford will make the house hunting process easier for all concerned.

You will be looking for property that is in a neighborhood you like.  The greatest deal in town will not feel that way if you hate the neighborhood.  One good tip is to look for listings that require the price to be agreed upon by the bank.  Those are usually homes in pre-foreclosure or foreclosure.

Get a list of “comps” for homes that have recently sold in the area.  This may really help to make your case. You will also need to have an estimate done as to any repairs that will be needed on the home. You don’t have to go to the point of an appraisal yet, your Realtor can help you figure this part out.  Lastly, try to determine how long a property has been available for sale, and how many price reductions have taken place.

Getting the perfect short sale home starts with having all the details in order.  It not only helps you to speed along the sale, but it helps you to look serious during the negotiation process as well.

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