Sometimes. Many people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and must sell their home promptly to avoid 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. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the reduced price may in fact be closer to actual market values, not below.
- Before making any purchase offers, do your research. Using a qualified REALTOR® from Provident Realty Group to help you research a property will help you make educated decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you make a decision about how much to offer.
Get a REALTOR® with short sale knowledge. Provident Realty Group can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Put my 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 usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender isn't going to pay 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 will be looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.
When you are ready to buy, whether it's a short sale or a typical home sale, Provident Realty Group can help. Apply my experience and knowledge of real estate to feel confident that you're getting a fair deal and remain protected during the complete matter.