Being in the position to purchase a short sell house in Maryland is really one of the most ideal situations due to the fact that you will be able to purchase a home for less than market value. While this is a great opportunity, in order to make the most of it you must take the time to learn as much about the situation as you can before you dive in. The more you know, the better position you will be in to make the purchase a huge success.
The first thing that you will want to do is hire a real estate agent. They have the knowledge and experience to help guide you through the process. There are a number of things that differ from a normal purchase that can put you in a bad position if you are not aware of them. Having a professional by your side every step of the way will help to protect you from that which you do not know.
You also should take great care to ensure that you are getting the best possible deal. In a normal sale you would be dealing solely with the owner and their real estate agent if they have one, but in this scenario you will need to work with the mortgage company as well. They are the ones that you will negotiate the final price with. Just like dealing with a home owner, they will want to get the most that they can from the deal, while you are looking to spend as little as possible. Again, this is where having a great real estate agent is critical.
Just like any other home purchase you will need to hire professionals to examine the integrity of the home. You do not want to take the risk of running into a huge expense after the home is purchased that could greatly impact the investment that you will be making. It is also important as you have the ability to negotiate the price of the home based on any repairs that will need to be done. This is something that your real estate agent should advise you to do. In fact, if they do not you should find someone else to represent your interests.
Finally, do not rush into a situation because of the opportunity to get a lot of home for a low price. Sometimes there is good reason that a mortgage company is willing to do a short sale. Be sure to consider all factors that may lead to the bank being willing to let go of the property for less than its actual value before you make a final decision.
Getting a great deal on a home is clearly ideal. Buying for less than market value means that you already have a solid investment in the purchase, but there are risks to consider. Taking the steps above will help to hedge that risk and make the most of the purchase that you end up making.