Want to make a deal on a short sale?

Can I get a bargain on a short sale?

The short answer is "sometimes". Often times people hear the term "short sale" and instinctively think of a seller that is in default and needing to sell their property quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be closer to current market values rather than below.

How do I buy a short sale?

• Before you make any purchase offers, do your homework. Using a knowledgeable real estate agent from Provident Realty Group to support your research of a property can help you make knowledgeable 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. Obtaining this information can help you decide how much to offer.

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

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that most 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. Commonly, your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Be sure to reserve the right to have the property inspected 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 will always recommend that you make your offer contingent upon the results of the inspections.