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Short Sale Pitfalls to Avoid: Failing to be Financially Prepared

You must be ready when offering on a short saleA Buyer's Financial Readiness is Crucial

Failure to be financially prepared is a pitfall that can quickly end your journey towards purchasing a short sale property. Although a buyer may be willing to make an offer on real estate homes, it does not mean that they are actually qualified to go through with the purchase, especially in the country’s current economic climate. To get a proposal confirmed and approved by lenders, buyers need to be prepared financially, coming forward with financing preapproval, verified closing funds and a confirmed ability to actually purchase the home.

Before submitting an offer on the short sale, buyers should be familiar with what will need to be verified, which is where an experienced short sale agent can be of help once again. Buyers should have their preapproval for financing already taken care of and should have funds moved and ready for the down payment and payment of closing costs. Buyers that show they are financially prepared are more likely to be approved, but failing to prepare financially can quickly end the quest towards a short sale purchase.

Next: Short Sale Pitfalls: Problems with deal submission