If you’re considering real estate in Richardson, TX right now, short sales are a good way to buy property. Short sale properties can often be purchased at a value below market because the bank and the previous owner are both taking a loss, like with a foreclosure. Investors love foreclosures because banks are generally motivated sellers, trying to get a property off their books rather than hold onto it, but unlike a foreclosure, the bank never actually takes title to the property. Rather, the bank agrees to take a discount on the face value of their mortgage and the previous owner agrees to take a loss on their equity but gets to avoid the damage a foreclosure can do to their credit and personal finances. Because the hostile action of a foreclosure is avoided, an owner often leaves a property in better condition for a buyer than the buyer would get if buying the property as a foreclosure. Because the owner is agreeing to the sale, they have an incentive not to destroy any fixtures or cause other damage which might jeopardize the sale contract. By getting the property in better condition, the new buyer can cut down on rehab costs and time of ownership if they intend to resell, which means they can make more profits faster.
Now is a great time to be considering short sales in Richardson, TX. A local and knowledgeable expert in short sales is an essential tool to navigating the short sale process and buying successfully.