You may have heard about certain Real Estate Investment Opportunities called "Short Sales", and if you've talked to someone who has experience buying or selling a Short Sale Home, you've probably been told that there is nothing "Short" related to the process of buying a Short Sale, aside from the state of your patience. If you have time to wait and can separate yourself emotionally from the process, sometimes a Short Sale can create a great opportunity to get a nice home for less. Lake Conroe and Montgomery County have a very solid Real Estate market, but as you can see below, there are several Short Sale homes currently actively for sale.
Click Here to read more about the Pros and Cons of purchasing a Short Sale Home
Lower Prices & Better Deals - The term "Short Sale" refers to the fact that the list price of the home falls "short" of the current balance owed to the financial institutation. So even for a new house the loan amount is often less than market value.
Cleaner than most Foreclosures - With Foreclosures a buyer often times has to deal with intentional or unintentional property damage left behind by the previous owner due to the nature of Foreclosures, whereas in a Short Sale situation, the owner is trying to avoid foreclosure, so a clean and appealing home is in their best interest.
More Accessibility - Foreclosures will often go to local auction, requiring immediate cash payment from the winning bidder, whereas a Short Sale is usually listed in the MLS and can be purchased through regular channels if successful.
Short Sale Cons:
Long & Difficult Process - Buying a Short Sale can be an exceedingly long and arduous process, with no end in sight, only to be turned down after weeks and even months of waiting. Banks are under no obligation to approve a short sale, and depending on the bank, can and often will choose not to accept your offer, or even choose another offer, even in situations where you have been countered.
Less Likely to Repair Issues - Due to the nature of a Short Sale, most sellers trying to avoid foreclosure don't have the means to fix an old roof, broken AC unit or even small compliance issues in order. So be prepared to take on these expenses yourself if they do exist.
More Accessibility - Unfortunately just as a Short Sale can be more accessibly to you, they are more accessible to everyone else in the market to buy. So it could increase the amount of competition, especially at the reduced price, which comes into play more with Short Sales and the unorthodox way that some banks pick and choose among offers.
If you're more interested in Lake Conroe Foreclosure Homes for Sale, Click Here...
The IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information provided is deemed reliable but is not guaranteed curate by the MLS and should be independently verified.
Listing information last updated on November 29th, 2015 at 2:29am CST.