We all want to succeed in what we do but sometimes we have to listen to other people’s advice to know the difference between right and wrong. Buying a short sale can be a great way to make a smart real estate purchase, given the conditions in today’s market. More frequently, homebuyers want to look at nothing but foreclosures, REOs, and short sales during their real estate search.
However, just because a property is being sold as a short sale or some other form of a distressed asset, does not mean that it is necessarily a good purchase. This article will focus on the top three mistakes to avoid when buying a short sale as a residence.
1. Don’t Make Emotional Purchases
Real Estate is an emotional purchase. As a matter of fact, most purchases are emotional purchases. When we make emotional purchases, we do a funny thing. Many people don’t realize this, but when we make emotional decisions we tend to justify those decisions with logic.
For example, I want to buy a 4-door Jeep Wrangler. I like them. I want one. I started thinking that I could probably get a really good buy right now. I even started thinking that if I end up waiting a few years that I will probably end up paying more for the same Jeep that I could buy now. So I should buy one now. In my head, I am trying to logically justify an emotional decision.
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