Ready to purchase 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 insolvent and needing to sell their home fast 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 these cases the reduced price may in fact be consistent with true market values rather than below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a knowledgeable real estate professional from Your City Country Connection to help you research a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this data can help you decide how much to offer.
Hire a REALTOR® with short sale expertise. Your City Country Connection can help expedite the transaction and make sure you're protected. Don't permit inexperience to hinder the closing process. Let my experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that most 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 discounted price. It's not uncommon that your offer will go before 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 generally not 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. Make sure to 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 recommend that you make your offer contingent upon the outcome of the inspections.