Ready to purchase a short sale?

Are short sales good deals?

Occasionally. Many people hear the words "short sale" and routinely think of a seller that is in trouble and needing to sell their house promptly to avert 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. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In cases such as these the discounted price may in fact be in line with current market values rather than below.

How do I buy a short sale?

• Always do your research before making any offers. Using a qualified real estate agent from Provident Realty Group to support your research of a property will help you make knowledgeable 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. Having this info can help you decide how much to offer.

• Hire a real estate professional with short sale expertise. Provident Realty Group can aid you in expediting the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work in your favor.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that a majority of 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. In most cases your offer will go before 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 generally not negotiable when dealing with a short sale. The lender is selling the property "as 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'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.