Investing in a New Home by Purchasing Real Estate Up for Short Sale

After a few years of slumping, the real estate market is back in full swing. There are many great values available, especially for first-time home buyers or people who are looking for an investment home to purchase and then rent out for a side stream of income. One great way to get a good value on a home purchase is to buy a home that is up for short sale. An experienced real estate agent, such as one from T.J. Lamb Real Estate, can help you to find and invest in one of these affordable properties.

What Is a Short Sale Home?

A short sale home is a special circumstance in which the owner can no longer afford to pay the taxes, insurance and mortgage. The seller strikes a deal with the mortgage lender to accept a reasonable offer so the bank gets their money and the owner does not have to deal with a foreclosure on his or her credit report.

Finding a Short Sale Home

Your agent can look at the local MLS and pull up a list of homes that are available in the Kansas City area on a short sale basis. Once you have a list of properties, you can choose the homes that meet your criteria, such as neighborhood or number of bedrooms and bathrooms. Your agent can then set up a home tour for you to see the property.

Getting the Best Value from Your Purchase

Other than the financial dealings at the bank, the process of buying a short sale house is not much different. You should still take your time with the agent to find a property right for you. Be sure to have the property inspected and assessed for its market value.