Ready to buy a short sale?
Can I get a bargain on a short sale?
Sometimes. Most people hear the phrase "short sale" and routinely think of a seller that is in default and must sell their home quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be consistent with true market values instead of below.
What's involved in buying a short sale?
- Prior to making any purchase offers, do your research. Using a qualified real estate agent from Selective Realty Inc. to support your research of 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. Acquiring this data can help you make a decision about how much to offer.
Use a real estate professional with short sale knowledge. Selective Realty Inc. can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Put my knowledge and experience to work for you.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed 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 discounted price. 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 generally not negotiable when buying a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Selective Realty Inc., when I write an offer, I'm looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.