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Short Sale Pitfalls to Avoid: Failure to Inspect the Property

Whether you're buying an MLS property, a foreclosure home, or a short sale, you should do a thorough home inspection.Inspecting the Property Can Help You Avoid Problems, Damages

Do not fall into the common pitfall of failing to inspect the property before making the purchase. Since shortsale properties are sold “as is” in most cases to help banks avoid more losses, buyers should not forget to have an inspection done on the property. An inspection is the right of the buyer before the deal is closed. Failing to have the property inspected now means that anything found at a later date will be the responsibility of the new owner.

Having an inspection done on the home can allow buyers to find out about any major problems. In many cases, only small problems exist that can be taken care of with a bit of work and a small amount of money for the repairs. However, more serious problems can be expensive and may make buyers think twice about purchasing the home “as is.” Being aware of potential problems and damages can also help strengthen the proposal of the buyer, especially when justifying the price they offer on the home.

Next: Short Sale Pitfalls: Not having a price cap when negotiating