Ready to purchase a short sale?
Can I get a bargain on a short sale?
Sometimes. Often times people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their house quickly to avoid further financial problems. This is at times 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 with their mortgage, but property values have fallen. In these cases the discounted price may in fact be in line with actual market values rather than below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a qualified real estate professional from Your City Country Connection to support your research of a property can help you make educated decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you determine how much to offer.
Hire a real estate agent with short sale knowledge. Your City Country Connection can aid you in expediting the transaction and make certain you're protected. Don't let inexperience delay the closing process. Put my experience and knowledge to work in your favor.
- Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. A lot of the time your offer will go before 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 usually non-negotiable when working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Your City Country Connection, 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 results of the inspections.