Buying a good house is always a good investment. However a real steal is buying a house that is being short sold. This is because a short sale means the seller is unable to pay his dues to the bank and the bank is desperate to get rid of the house from their hands while getting a good offer on it. So a fair valuation slightly cheaper than the market price can be a good option to buy a house at the right price.

How to buy a short sale house however is a complex and time taking process. This is because the bank wants to proceed cautiously, while keeping all the options available to it open. It also wants a fair value for the house. Therefore, in trying to match its needs, the bank will wait and sell only to a buyer who they feel is right.

The best thing to do while buying a short sale home is by using a broker. This is because the whole process is complex, and a broker, being familiar with the process can help speed it up through his expertise on the subject as well as his contacts. It is however important to hire a broker who is experienced in the short sale process. Only they can handle it effectively.

The offer letter is made directly to the lender. Along with the offer letter, other documents identifying the buyer as well as his financial situation are important. The lender will also require a letter of preapproval in case there is already a loan which has been taken.

While making an offer, it is important to remember that while the seller sets the price, it is the bank that needs to provide the final approval before the property can be sold. So instead of making offers that are extremely low, make an offer which is close to the market price of the house as well as competitive compared to other houses in the area of similar size and dimensions.
One important thing that should be done mandatorily is to reserve the right to make inspections. This is important because it gives the buyer a chance to assess the fair value of the property, as well find any damages which can reduce the value in the future. It is a good idea to get it inspected by a home inspector before making the final purchase as they can find problems which even buyers cannot. So use their expertise wisely.

A good way to assess how much the fair value of the property before making any offer is by checking public records. The public record will list all details if the property is being sold due to a foreclosure.

The last and the most important thing is never to lose patience. The whole short selling process is not really short. It can take anywhere from two weeks to a few months. Therefore wait in there as buying such a house is definitely a bargain due to the cheaper rate it is available for. You can learn more by visiting Richmond Utah Real Estate