While a short sale may not be for everyone, it sure sounds like a great deal to many first time buyers. The key to dealing with short sales is to have a lot of patience because they can take a long time to settle a deal. It is especially great for first time buyers because of the discounted price.
It is important to work with a realtor who is experienced in short sales as well as the local real estate market so your agent can identify the valuable properties. Short sale properties are often sold as is which means that the sellers won’t be making any repairs to the home. A home inspection is important to have conducted right away so you can get out of the deal if the house is not up to par.
A short sale is not for everyone as it can come with considerable emotional strain, especially if after months of waiting the deal falls through. Buyers need to try to keep their emotions at bay during the process and have plenty of patience. Short sales are a risky experience but if you are prepared you may end up with a great home at an even greater price.