What Should You Know About Buying After a Short Sale?

Posted by Kris Lindahl on Thursday, May 14th, 2015 at 9:06am.

Buying/Selling Home

Buying a home for anyone nowadays is a big undertaking. There are so many questions to ponder. Many couples and families choose to purchase a starter home after a short sale. This can be a great idea; however there are several things you need to consider before doing so. To make an educated decision, you need to equip yourself with as much knowledge as possible about this type of investment.

Be Firm with Your Spending Limit

One of the biggest ways homebuyers tend to spend more than what they can afford is by not setting a spending limit and sticking to it. It is imperative that you sit down before you go house hunting and write down the amount you feel comfortable spending. Remember, the idea here is to purchase an inexpensive home. Then, after you make this decision, stick to it, and do not waiver.

List Your Priorities

Remember when purchasing a starter home after a short sale you need to be willing to compromise. Often times, you will find a home that fits all of your requirements, but there will be two or three things that you just can’t accept.  

It is best, in this case, to make a list of priorities before you begin looking for your home. For example, are you willing to purchase a home with no back deck? Remember you can always build a back deck, so that might be a priority that could go at the bottom of your list.

Is Financing Available?

Before you shop, it is always helpful to set up your financing. Finding less expensive rates online can be a temptation for many; however you should be able to find good financing at reasonable rates in your town of residence.

You can truly enjoy the process of purchasing a starter home. If you educate yourself before you begin the process, you will find it to be a very pleasant experience.

Kris Lindahl
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