Pros and Cons of Purchasing Short Sale Property in Cape Coral Florida
In these tough financial times, many people are facing foreclosure on their home; therefore, homeowners might consider a short sale. A short sale is when the owner sells the home for less that its value. If you are looking to buy a new home in Cape Coral Florida, there are many pros and cons of a short sale.
Advantages of Purchasing a Home
If you want to look for short sale property Cape Coral is a good place to start as there are more than 600 short sale listings. The main advantage in purchasing a short sale home in Cape Coral is the price. The lender accepts a price lower than the market value. You could buy an amazing home for a great price.
Because short sales can be a hassle, other prospective buyers could not be interested in buying the home. You would have less competition than other types of property. Other buyers who need to buy a home quickly would not want a short sale.
Disadvantages of Purchasing a Home
With a Cape Coral short sale, the paperwork can be very tedious and timely to complete. If you are in a hurry to complete the sale, a short sale is probably not the best option for you. Before the sale can be completed, the bank has to agree on the sale. Therefore, you may wait for several months before you hear from the bank.
In addition, while you are waiting for the banks decision on the Cape Coral short sale, the home is still listed on real estate sites. If the bank receives a better offer, you are out of luck. If someone makes an offer several weeks or months later than you, the bank might reject your initial offer, so they can receive more money. As a result, you could get stuck in a bidding war. If the price keeps going up, you might not get a great deal on the property.
When purchasing short sale property Cape Coral lenders will normally ask you to sign an agreement to accept the property as is. This means that the seller or lender is not responsible for damages to the property, so you must accept it in its present condition.
Because of the economy, short sale homes in Cape Coral are increasing. Therefore, you need to weigh the pros and cons of purchasing short sale property. You then might get a great deal on a Cape Coral home.
The author has an immense knowledge on short sale property Cape Coral. Know more about Cape Coral short sale related info in his website.
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