Deadly,Mistakes,New,Investors, finance, share, loan Deadly Mistakes New Investors Make in Short Sale Investing
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"Investing in a real estate short sale can be a good financial move, especially if youre after a quick profit. But at the end of the day, a short sale is still a big investment, and that means you have much to lose if you make a wrong move. Many investors have joined the real estate short sale market, but it hasnt paid off for all of them. If youre thinking of joining the trend, here are five common mistakes you should watch out for. 1) Expecting Quick Cash Never go into any investmentwhether its a real estate short sale or a foreclosurehoping youll get rich in 30 days. The best short sale investors hope for the best but are always prepared for the worst. This means theyre always covered when something doesnt work out, a common occurrence in the real estate short sale market. Work to get the best results, but be prepared to put in the time and effort it takes. 2) Shutting Out Prospects Its common knowledge that not every real estate short sale pushes through. So there isnt much sense in focusing on one home, especially with such a large inventory of distressed properties. Real estate short sale buyers can legally walk away from potential deals, so take advantage of that. Keep your options openthe perfect home may just be a couple of blocks from the one youre looking at! 3) Setting Tight Deadlines Short sales follow strict deadlines, and small delays on your part can break the entire deal. Always make room for delays when scheduling steps such as inspections, title searches, and applying for pre approval. Experts suggest making a quick estimate of the time a specific step would take, and then doubling the time. This leaves you ample room for delays and takes a lot of pressure of your shoulders. 4) Skipping The Inspection Home inspections are a vital part of every real estate short sale. Unfortunately, many new investors simply skim it over, thinking the home looks good enough from the outside. Often, they end up with extensive repairs to pay for, and any savings they make from the real estate short sale gets wiped out by the costs. Avoid this by paying attention to small details and getting a good insurance policy from your inspector. 5) Overpaying True, short sales can give you a sizable cut, but that doesnt mean you cant bargain. Do your research and find out how much a home is really worth in todays market. Your agent can help you look up similar properties that have sold in the area for the past six months, and compare it against the asking price to see if youre really getting a good deal."
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