Short Sales In Mono County
Buying Short Sales In Mono County
With the recent downturn in the economy, many people have had some hardships in real estate. This has caused a wave of property owners to sell their homes for less than what they owe on the property. In this instance, many people have to do what's called a short sale in order to avoid going into foreclosure. This means the bank will come up short at the end of the transaction because the full loan will not be paid off after the property has been sold. If a person finds themselves looking into short sales in Mono County they should be able to find a variety of property types.
There are condos that a person can buy in this area with this type of transaction. Condos are usually less expensive than single family homes but are perfect for those who don't want the responsibility that comes along with one. Typically condo owners don't have to worry about the upkeep of a large yard.
Single family homes are usually larger than a condominium and have a larger yard. They also share no walls with other dwellings. This property type usually sells for more than a condo or duplex.
There are also multifamily dwelling properties such as duplexes, triplexes, and fourplexes one can buy. Individually, these properties tend to be cheaper than the others unless more than one at a time is purchased. This is a good choice for someone who wants to own their own living space but aren't in the market for a higher condo or single family home.
It's always a good idea to get with a local real estate agent when searching for properties. One should be able to find an agent by contacting a local agency. An agent will be able to facilitate the property searching and buying process.
Buying short sales in Mono County allows purchasers to acquire properties at significantly discounted prices. Although this process usually takes longer than buying the traditional way, the price is usually worth the wait. It's a good idea for one to have a pre-approval letter from a lender before beginning the home buying process.
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