If you are curious about properties that are listed as short sales in Illinois, you may be interested in avoiding common mistakes that can result in disappointment when dealing with these types of real estate. At Essig Law Office, we are well-versed in the complexities of buying and selling real estate, and we have helped many folks just like you to coordinate successful outcomes.
Short sales are unlike other types of real estate investing and can be particularly risky especially if caution is not used throughout the process. According to Bankrate.com, there are several serious missteps that can take your potentially exciting and lucrative investment and completely turn it upside down. These mistakes include the following:
- Expecting to close quickly: No matter what kind of real estate property you are buying, the closing process takes time and requires attention to detail. However, when managing a short sale, this process could become prolonged as the bank who owns the mortgage will require time to approve the terms that created the short sale in the first place.
- Bypassing a home inspection: Home inspections are always a good idea to ensure that the property you are interested in is not going to cost you more than your investment. While you may be fairly confident in your personal assessment of the property, a home inspection can uncover problems that may be well-hidden, potential hazards or shoddily fixed by previous owners.
- Disregarding property history: The property you are interested in will have a history of its own in regards to insurance and legalities. Disregarding the property’s past could prove damaging to your investment outcome. For example, take the time to guarantee that any renovations, additions or remodels have been completed in compliance with city permits to avoid getting entangled in lawsuits and fines down the road.
Your efforts to take your time and remain patient during the process of investing in a short sale property can be all the difference in whether or not you are able to make a rewarding profit. For more information about short sales, visit our web page.