Looking to make a deal on a short sale?
Can I get a good deal on a short sale?
Occasionally. Often times people hear the phrase "short sale" and routinely think of a seller that is in default and needs to sell their house promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the discounted price may in fact be in line with current market values instead of below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using a qualified REALTOR® from Your City Country Connection to assist you with researching a property can help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you decide how much to offer.
Use an agent with short sale experience. Your City Country Connection can aid you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hold up 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 generally take longer than a typical real estate transaction. Be informed that a majority of 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. Commonly, your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Your City Country Connection, when I write an offer, I'm looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.