Want to make a deal on a short sale?
Can I get a bargain on a short sale?
Every now and then a good deal will come along. Most people hear the words "short sale" and instinctively think of a seller that is insolvent and must sell their house promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these cases the discounted price may in fact be consistent with true market values instead of below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using a qualified real estate agent from Future Home Realty to assist you with researching a property can help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you determine how much to offer.
Hire a real estate professional with short sale knowledge. Future Home Realty can help expedite the transaction and make sure you're protected. Don't let inexperience slow down the closing process. Let my experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are typically not negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Future Home Realty, when I write an offer, I will be looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.