Want to purchase a short sale?

Are short sales bargains?

Every now and then a good deal will come along. Often times people hear the words "short sale" and instinctively think of a seller that is insolvent and needing to sell their home quickly to avoid further financial problems. This is occasionally 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 isn't delinquent with their payments, but property values have fallen. In cases such as these the reduced price may in fact be in line with actual market values instead of below.

How do I buy a short sale?

• Always do your homework before making any offers. Using a qualified real estate agent from Provident Realty Group to assist you with researching a property will help you make informed decisions. We can help learn to whom the property is titled, how much is 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 an agent with short sale experience. Provident Realty Group can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to hold up the closing process. Put my experience and knowledge to work in your favor.

• 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 many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are normally not negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Provident Realty Group, when I write an offer, I am looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.