Want to make a deal on a short sale?
Are short sales good deals?
Every now and then a good deal will come along. Many people hear the term "short sale" and routinely think of a seller that is insolvent and must sell their property promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the reduced price may in fact be in line with actual market values instead of below.
Are you ready to buy a short sale property?
- Prior to making any purchase offers, do your research. Using a knowledgeable real estate agent from Future Home Realty to assist you with researching a property can help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you determine how much to offer.
Use a real estate professional with short sale experience. Future Home Realty can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to impede the closing process. Put my knowledge and experience to work for you.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that most short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Future Home Realty, when I write an offer, I am looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.