Ready to purchase a short sale?

Can I get a good deal on a short sale?

From time to time, yes. Many people hear the term "short sale" and routinely think of a seller that is in financial trouble and needs to sell their property quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of 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 discounted price may in fact be in line with true market values instead of below.

How do I buy a short sale?

• Always do your homework before making any offers. Using an experienced real estate professional from Provident Realty Group to support your research of a property will help you make educated decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this info can help you decide how much to offer.

• Use a real estate agent with short sale expertise. Provident Realty Group can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hinder the closing process. Put my knowledge and experience to work for you.

• Even with an experienced real estate agent and under the best circumstances, 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 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. Commonly, your offer will go before 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 non-negotiable when buying a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make sure to 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 above all else and will always recommend that you make your offer contingent upon the inspection results.