Looking to purchase a short sale?
Can I get a good deal on a short sale?
Occasionally. Many people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their house quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the "bargain" price may in fact be in line with current market values rather than below.
How do I buy a short sale?
- Prior to making any purchase offers, do your homework. Using a knowledgeable real estate agent from Your City Country Connection to help you research a property can help you make knowledgeable 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. Acquiring this data can help you decide how much to offer.
Hire an agent with short sale experience. Your City Country Connection can help expedite the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Put my knowledge and experience to 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. Know that most short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be seen by 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 typically non-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 you reserve the right to have the property inspected 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 advise you to make your offer contingent upon the inspection results.