Ready to buy a short sale?


	When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

Purchasing a short sale in Litchfield Park, Arizona on your own is risky. Contact Home Execs Realty for expert advice.

Are short sales good deals?

Every now and then a good deal will come along. Most people hear the term "short sale" and automatically think of a seller that is in trouble and needs to sell their house quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of 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 depreciated. In these cases the "bargain" price may in fact be in line with current market values rather than below.

How do I buy a short sale?

Prior to making any purchase offers, do your research. Using a qualified real estate professional from Home Execs Realty to assist you with researching a property can help you make informed decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you make a decision about how much to offer.
Hire a REALTOR^® with short sale experience. The real estate agents at Home Execs Realty can assist you in expediting the transaction and make sure you're protected. Don't let inexperience hinder the closing process. Put our knowledge and experience to 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 informed that most 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 terms of the sale. A lot of the time your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Home Execs Realty, when we write an offer, we are looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.

If you are ready to buy, whether it is a short sale or a typical home sale, Home Execs Realty is here to help. Utilize our experience and knowledge of real estate to make sure you are getting a fair deal and are protected during the complete transaction.