Ready to make a deal on a short sale?
Can I get a good deal on a short sale?
Every now and then a good deal will come along. Most people hear the words "short sale" and instinctively think of a seller that is in trouble and must sell their house 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 isn't delinquent with their payments, but property values have declined. In cases such as these the reduced price may in fact be in line with true market values, not below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using a knowledgeable REALTOR® from Your City Country Connection to help you research a property can help you make educated 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. Finding this information can help you make a decision about how much to offer.
Use a real estate professional 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. Be informed that many short sales will not close in 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. 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 warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Make sure to 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 am looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.