Want to purchase a short sale?
Can I get a good deal on a short sale?
The short answer is "sometimes". Many people hear the phrase "short sale" and automatically think of a seller that is in trouble and needs to sell their property quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the reduced price may in fact be consistent with current market values, not below.
Are you ready to buy a short sale property?
- Before you make any purchase offers, do your homework. Using a qualified REALTOR® from Future Home Realty to help you research a property will help you make educated decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you decide how much to offer.
Hire an agent with short sale experience. Future Home Realty can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to slow down the closing process. Let my experience and knowledge work for you.
- Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in less than 30 days. 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 presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender isn't going to pay for repairs. Always reserve the right to have the property inspected 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 inspection results.