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. Many people hear the words "short sale" and routinely think of a seller that is in default and needing to sell their home promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, 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 reduced price may in fact be in line with current market values rather than below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using an experienced real estate professional from Home Execs Realty to help you research a property will help you make knowledgeable 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 determine how much to offer.
Get a real estate agent with short sale knowledge. Home Execs Realty can aid you in expediting the transaction and make certain you're protected. Don't permit 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 probably take longer than a typical real estate transaction. Be aware 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 terms of the sale. A lot of the time your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Home Execs Realty, when I write an offer, I am looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.