Want to buy a short sale?
Can I get a bargain on a short sale?
Sometimes. Often times people hear the term "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their home quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the discounted price may in fact be in line with actual market values rather than below.
What's involved in buying a short sale?
- Always do your homework before making any offers. Using an experienced real estate agent from RE/MAX Performance to assist you with researching a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you decide how much to offer.
Hire a real estate professional with short sale experience. RE/MAX Performance can aid you in expediting the transaction and make certain you're protected. Don't permit 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 informed that a majority of 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 discounted price. It's not uncommon that your offer will be seen by 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 non-negotiable when dealing with a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At RE/MAX Performance, when I write an offer, I'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.