Reason 1: You Can Get a Good Deal
You can get a good deal. Especially if you play hardball. But don’t play too hard you might lose out on a good deal. I have seen that happen too often as a realtor.
Yes, there are great deals on foreclosures and short sales, but remember- they still owe the banks and have to have bottom limits.
Mortgage companies and banks take their time working on foreclosures and short sales, so be prepared to wait. Have your financing in order with a prequalification letter ready to turn in with your offer if you go this route.
If you are buying a home not in this category, hey most of these are not in dire straights to sale and may not budge. And some are trying to pay off the mortgage without going the shortsale or foreclosure route and have their bottom limits set.
So, don’t play hardball too hard- or you will miss out on a really good deal.