Want to buy a short sale?
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When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, you can contact me through my site or e-mail me. I'm happy to address any questions you have about real estate short sales. | ||
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Can I get a bargain on a short sale?
Every now and then a good deal will come along. Most people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needing to sell their property promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these instances the discounted price may in fact be in line with current market values, not below.How do I buy a short sale?
- Always do your homework before making any offers. Using an experienced REALTOR® from Welcome Home Realty International to help you research a property will help you make educated 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 information can help you decide how much to offer.
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Use a REALTOR® with short sale expertise. The real estate agents at Welcome Home Realty International can help expedite the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Put our 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. Be informed that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be presented to a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Welcome Home Realty International, when we write an offer, we are looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.
