Ready to buy a short sale?
Are short sales good deals?
Occasionally. Many people hear the term "short sale" and routinely think of a seller that is in financial trouble and needs to sell their house promptly 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. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the "bargain" price may in fact be in line with actual market values rather than below.
Are you ready to buy a short sale property?
- Before making any purchase offers, do your research. Using an experienced real estate agent 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. Locating these facts can help you make a decision about how much to offer.
Use an agent with short sale experience. Your City Country Connection can help expedite the transaction and make certain you're protected. Don't allow inexperience to slow down 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 probably take longer than a typical real estate transaction. Be aware that many short sales will not close in 30 days or less. 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 sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable 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. Make 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 am looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.