Ready to buy a short sale?
Are short sales good deals?
Every now and then a good deal will come along. Often times people hear the words "short sale" and routinely think of a seller that is in default and must sell their property fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to do well from 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 "bargain" price may in fact be consistent with current market values rather than below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a qualified real estate agent from Your City Country Connection to help you research a property can help you make informed decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you determine how much to offer.
Use a REALTOR® with short sale knowledge. Your City Country Connection can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best of situations, 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 having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are usually non-negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Be 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 am looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.