Looking to make a deal on a short sale?

Can I get a bargain on a short sale?

Occasionally. Often times people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needing to sell their property fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, 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 reduced price may in fact be consistent with true market values, not below.

What's involved in buying a short sale?

• Before making any purchase offers, do your homework. Using an experienced real estate agent from Provident Realty Group to help you research a property can help you make informed decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you determine how much to offer.

• Hire a real estate agent with short sale experience. Provident Realty Group can help expedite the transaction and make certain you're protected. Don't permit inexperience to slow down the closing process. Put my experience and knowledge to work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will go before 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 normally non-negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Always reserve the right to perform 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 first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.