Looking to buy a short sale?
Are they good deals?
From time to time, yes. Often times people hear the term "short sale" and routinely think of a seller that is in trouble and needs to sell their property promptly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the discounted price may in fact be in line with current market values rather than below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using an experienced REALTOR® from Your City Country Connection to help you research a property will help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you decide how much to offer.
Hire a real estate professional with short sale experience. Your City Country Connection can help expedite the transaction and ensure that you're protected. Don't permit inexperience to slow down 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 usually take longer than a typical real estate transaction. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when working with 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 you 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 will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.