Ready to purchase a short sale?
Are short sales good deals?
The short answer is "sometimes". Many people hear the term "short sale" and routinely think of a seller that is in default and must sell their home quickly to avoid further financial problems. This is sometimes 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 isn't delinquent with their payments, but property values have depreciated. In these cases the "bargain" price may in fact be closer to actual market values instead of below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using a knowledgeable REALTOR® from Your City Country Connection to help you research a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you make a decision about how much to offer.
Use a REALTOR® with short sale expertise. Your City Country Connection can aid you in expediting the transaction and ensure that you're protected. Don't allow inexperience to impede 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 probably take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when buying a short sale. The lender will sell the property just the way it is 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 first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.