Looking to buy a short sale?

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Many people hear the words "short sale" and automatically think of a seller that is in default and needing to sell their property quickly to prevent further financial problems. This is sometimes 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 is current, but property values have fallen. In these instances the "bargain" price may in fact be closer to actual market values, not below.

How do I buy a short sale?

• Prior to making any purchase offers, do your homework. Using an experienced REALTOR^® from Provident Realty Group to help you research a property will help you make informed decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you make a decision about how much to offer.

• Hire a real estate professional with short sale knowledge. Provident Realty Group can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience hold up 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 usually take longer than a typical real estate transaction. Be informed that most 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 terms of the sale. It's not uncommon that your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying 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 foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.