Short Sale Inspections in Little AR – Things You Need to Know About
We buy houses in Arkansas. At this point, you are likely just a little giddy. You have made an offer on a short sale property at a rate well below market value, and it looks like an investment opportunity that is sweet–and potentially very profitable. Still, before you take that final step, there are a few things you need to know about short sale inspections in Arkansas. As homebuyers in AR, we want to guide you. Keep reading this article!
Short sales for investors can be a great benefit – or they can be a giant sink in money. It is up to you to do due diligence in connection with your inspection.
Short Sale Inspections In Arkansas – Things You Need To Know About
Don’t Neglect Inspections Of Your AR Home
Some buyers skimp on the inspection or miss it entirely in their eagerness to close the deal on a cheap piece of property. This is a serious mistake. Short sellers are typically cash strapped and have allowed the property to be managed for a while. Some have even damaged the property in their frustration and anger in an attempt to get some revenge for losing it. Therefore, an inspection is a must.
More important, however, are the specialized inspections that many short-selling buyers don’t even know they need. You’ll need more than an inspector who looks at some plumbing and wiring for a quick walk-through.
For example, you will need specialized and specially trained inspectors to search for potentially costly issues such as hidden termite damage, mold problems, and/or deep structural issues. And be aware that there are both quality inspectors and not-so-good ones for these specialized inspections. So be sure to get references and recommendations.
Do Inspections Early In Your Arkansas Property
Of all the things you need to know about Arkansas’ short sale inspections, this one is likely to cause the most controversy. If you don’t even know if your offer will be accepted, should you spend money on inspections? Or should you wait until you know that the money is not going to be lost, but when the leverage negotiating incentive is gone?
Most times, the buyer’s agent would request the buyer to be permitted to inspect the property after the short sale authorization of the lender thus enabling the buyer to return if the inspection turns out to be too most troubling issues. The dilemma here is that sometimes the inspection is hurried at this late hour, and the bargaining power of the buyer has slipped away.
Short sales usually take place on an as-is basis, so there is generally little hope of bargaining or calculating the cost of repair in the selling price. Nevertheless, this is sometimes a slim chance. Therefore, the best policy is the early inspections.
Don’t Rely On The Disclosure Alone Of Your Arkansas Home
Sellers report any problem with the property they are aware of in a disclosure form. Nevertheless, the problem here is that there is typically some dissembling and hiding of problems, especially those that emerge from the neglect and abuse of the owner. But even if a seller tries to give you an accurate, honest account, you likely still don’t know the real state of the property – because the seller isn’t a qualified inspector.
The solution to this problem of deceptive and improper reporting is for you to mark on the general inspection. Tell the inspector about any problems that you have found before. And when a problem is discovered by the inspector and noted, ask him what it would take to correct the problem. (This may identify areas and issues requiring specialized inspections.)
However, you need to be mindful that short sale reports are not going to address major issues outside the property–issues that might destroy your investment. You wouldn’t want to purchase a home with a short sale and then discover it’s about to be situated next to a new commercial property area or it is built in a flood plain.
Sell My House In Arkansas
A property with a short sale can often be a sound investment, but it can also be a massive sink in cash. Before buying a short sale, just be sure to remember the things you need to know about Arkansas’ short sale inspections. If you think you need to sell your house in AR and purchase a new one in a short sale, call 365 Property Buyers. We are your local Arkansas home buyers who offer cash for houses in Arkansas and we can help you.
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