Ready to buy a short sale?

Are they good deals?

Occasionally. Often times people hear the term "short sale" and automatically think of a seller that is insolvent and needs to sell their house quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage 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 declined. In these cases the discounted price may in fact be closer to actual market values instead of below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using an experienced REALTOR^® from Provident Realty Group to help you research a property will help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you make a decision about how much to offer.

• Hire a real estate professional with short sale expertise. Provident Realty Group can help expedite the transaction and make sure you're protected. Don't permit inexperience to hinder the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. Commonly, 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 typically 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 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 first and foremost and will always recommend that you make your offer contingent upon the inspection results.