Steps To Buying Spanaway Short Sale
Short sales are a big part of the real estate market now, but buying one is not always as straight forward as buying a traditionally sold house. Located just south of Tacoma Washington with proximity to freeways and military bases, the Spanaway area is increasing in desirability. The following are the steps to buying Spanaway short sales. If you are considering in short selling your home or buying a Spanaway short sale, contact Washington Short Sale Team and speak with a specialist.
Find An Agent and Get Financing
The first step to buying Spanaway short sale is similar to a traditional sale in that you need an agent and a means to buy the house. Look for an agent with short sale experience and have them search for properties for you. A savvy agent is very important in buying short sales. At that point, you can work on financing. The short sale process is notoriously slow and you want to be ready on your end.
Market Value and Making An Offer
One thing to remember is that short sales are not necessarily bargain priced. The price of a short sale often has everything to do with what the bank wants and nothing to do with the market. Make sure your agent gives you a comparative market analysis (CMA) on any house you are interested in so you do not end up paying too much. Once you make an offer, it must be approved by the bank before the process can go forward. It is important to make sure your offer includes an out in case of costly repairs turned up in an inspection. Banks will rarely negotiate based on this type of situation.
Short sales that are competitively priced may receive multiple offers and you might find yourself the odd one out more than once. It’s also possible to have your offer rejected by the bank after a long period of review. The key is to keep searching for other houses even if you have an offer in on one. This keeps the process moving and makes it more likely that you will eventually land an offer on the right house. For more information on the short sale process in Spanaway Wa, contact Washington Short Sale Team and let the experts help you!