Want to purchase a short sale?
Are short sales bargains?
Sometimes. Many people hear the term "short sale" and routinely think of a seller that is in trouble and must sell their house quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the "bargain" price may in fact be in line with current market values instead of below.
Are you ready to buy a short sale property?
- Prior to making any purchase offers, do your homework. Using a qualified real estate professional from Selective Realty Inc. to support your research of a property can help you make informed 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. Getting this information can help you decide how much to offer.
Use a REALTOR® with short sale expertise. Selective Realty Inc. can help expedite the transaction and make sure you're protected. Don't let inexperience delay the closing process. Put my knowledge and experience to work for you.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 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 discounted price. In most cases your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when dealing with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Selective Realty Inc., 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.