Want to purchase a short sale?

Are short sales good deals?

Occasionally. Often times people hear the words "short sale" and routinely think of a seller that is in financial trouble and needs to sell their property promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the discounted price may in fact be in line with actual market values rather than below.

How do I buy a short sale?

• Before making any purchase offers, do your homework. Using a qualified real estate professional from Provident Realty Group to assist you with researching a property can help you make informed decisions. We can help discover 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 information can help you make a decision about how much to offer.

• Get an agent with short sale expertise. Provident Realty Group can assist you in expediting the transaction and make certain you're protected. Don't let inexperience delay the closing process. Let my experience and knowledge work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Know 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 discounted price. Commonly, your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale. The lender is selling the property "as is" which means the lender won't 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 am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the inspection results.