Short sales not only provide certain benefits to sellers and lenders - homebuyers will find that purchasing a short sale property can bring some excellent benefits as well. When buying a home, homebuyers today have many options to consider. However, those looking for nontraditional buying options and low real estate prices will find a short sale purchase to be worth consideration. The following are some of the big benefits that are drawing more and more homebuyers to go the short sale route when ready to purchase a new home.
Benefits of Short Sales: Enjoy a Bargain Home Price
One of the main benefits to purchasing a shortsale that draws many homebuyers to this option is the ability to enjoy paying a bargain price on the home. Since foreclosures can be so devastating and costly to homeowners and lenders, lenders are often willing to sell properties for less than the loan. This opens the door for buyers to possibly secure an excellent deal on a home that they may not be able to afford otherwise.
Of course, if buyers are expecting to purchase nice homes for dirt cheap, they may be surprised. While a short sale property often goes for current market value or even below the current market value of the home, lowball offers are rarely accepted by lenders. However, lenders and sellers do want the home to sell, so buyers are often able to find properties with prices that are lower than market rates in the area.