A short sale occurs when a bank agrees to allow a home's current owner to sell the home for its current market value. In some cases, the home will be sold for less than what it is worth. Buyers may believe that purchasing a short sale property may allow them to acquire an asset for less than it is worth. However, there are some pitfalls that Pennsylvania residents and others should know about before inquiring about such a home.
In Wilkes-Barre and Philadelphia, Pennsylvania, buying or selling a home often falls through for various reasons. A buyer may later decide they no longer want to buy a home after their offer has been accepted. In this case, a complex legal matter may ensue. However, it is possible to get out of a signed real estate contract if the prospective buyer includes escape options before the signing.
First-time homeowners in Pennsylvania are often faced with the dilemma of determining which mortgage option is best for them. The two main possibilities are short-term and long-term loans. Here's a closer look at the pros and cons of the short-term option.
Pennsylvania residents who are looking to purchase a home may be interested to learn that the FBI reported that there was $150 million lost due to real estate fraud in 2018, with 11,000 people in the United States becoming victims of scams. The majority of the loss occurred because an email was infiltrated or too much data was publicly available, giving scammers the opportunity to take advantage of their victims during a stressful and expensive situation in their lives.
Prior to closing on a new home in Pennsylvania, it's a good idea to have the property inspected by a professional. This provides an opportunity to spot any problems before a buyer becomes the official owner. While there may be a warranty on a new home, many items could be excluded from it. Therefore, it's important to make sure that those items are in good condition before closing.
The commercial real estate market in Philadelphia can be affected by a range of external and social factors. Experts note that climate change could be among these factors. Therefore, investors should consider preparing for changes in order to preserve profitability in the sector. Larger real estate companies are calculating climate risk measurements and how they may affect the long-term property values of different types of property. Of course, climate change is not just linked to global warming; it could have an array of impacts, including increased likelihood of extreme weather like hurricanes or rising sea levels that could make waterfront property more dangerous.