Want to buy a short sale?
Are short sales bargains?
From time to time, yes. Many people hear the term "short sale" and automatically think of a seller that is insolvent and must sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the discounted price may in fact be in line with current market values rather than below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a qualified REALTOR® from Future Home Realty to help you research a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you determine how much to offer.
Get an agent with short sale expertise. Future Home Realty can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge 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. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Be sure to reserve the right to have 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 first and will always advise you to make your offer contingent upon the inspection results.