Ready to make a deal on a short sale?
Are short sales bargains?
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 financial trouble and must sell their home quickly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these cases the discounted price may in fact be closer to true market values instead of below.
What's involved in buying a short sale?
- Always do your homework before making any offers. Using a knowledgeable REALTOR® from Provident Realty Group to assist you with researching a property can 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. Finding this data can help you make a decision about how much to offer.
Hire a REALTOR® with short sale knowledge. Provident Realty Group can help expedite the transaction and make certain you're protected. Don't allow inexperience to delay the closing process. Put my knowledge and experience to work for you.
- Even in the best of situations and with an experienced real estate agent, 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 less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. Commonly, your offer will be seen by 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 working with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Provident Realty Group, when I write an offer, I will be looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.