Want to purchase a short sale?
Can I get a bargain on a short sale?
Every now and then a good deal will come along. Most people hear the term "short sale" and instinctively think of a seller that is in default and needs to sell their property 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 isn't delinquent with their payments, but property values have fallen. In these cases the reduced price may in fact be consistent with current market values, not below.
How do I buy a short sale?
- Always do your research before making any offers. Using a qualified real estate professional from Provident Realty Group to help you research a property can help you make informed decisions. We can help learn to whom the property is titled, the balance still 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.
Hire an agent with short sale knowledge. Provident Realty Group can assist you in expediting the transaction and make certain you're protected. Don't let inexperience impede 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 generally take longer than a typical real estate transaction. Know that most 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 terms of the sale. In most cases your offer will be presented to 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 buying 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 perform inspections for pests, HVAC, electrical, and other critical areas. At Provident Realty Group, when I write an offer, I am looking out for your interests above all else and will always advise you to make your offer contingent upon the inspection results.