Looking to make a deal on a short sale?
Are they good deals?
Every now and then a good deal will come along. Often times people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needing to sell their property fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the discounted price may in fact be consistent with true market values instead of below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using a knowledgeable real estate agent from Your City Country Connection to support your research of a property can help you make informed 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 these facts can help you decide how much to offer.
Use a REALTOR® with short sale knowledge. Your City Country Connection can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience delay the closing process. Let my experience and knowledge 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. Be informed that a majority of 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. It's not uncommon that your offer will be presented to 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 generally not up for negotiation when working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Always 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'm looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.