Reserve the Right to Conduct an Inspection!
A short sale occurs when the bank agrees to accept less than the current mortgage balance. The price is lower than the neighborhood comps and most houses are offered “As Is”. Do you need a home inspection? YES! Many houses involved in short sales have been poorly maintained. You need to understand what you are getting into and what budget you will need for repairs.
What Really Matters in making the decision to purchase:
- Critical Repairs – Is this house sound
- Maintenance Repairs – repairs for the future
- Is the poor appearance just cosmetic
While the total short sale process is usually long, when you get the green light everything happens quickly. A good home inspection will help you make an informed decision as to whether to proceed with the purchase.
There are usually many delays in the short sale process and there can be multiple offers on the house. Completing the home inspection shows the bank that you are a serious buyer.