Ready to purchase a short sale?

Are they good deals?

Occasionally. Often times people hear the phrase "short sale" and automatically think of a seller that is in default and must sell their home fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the reduced price may in fact be closer to actual market values rather than below.

Are you ready to buy a short sale property?

• Before making any purchase offers, do your homework. Using an experienced REALTOR^® from Provident Realty Group to help you research a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting these facts can help you determine how much to offer.

• Get a REALTOR^® with short sale expertise. Provident Realty Group can help expedite the transaction and make sure you're protected. Don't let inexperience delay the closing process. Let my experience and knowledge work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 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. A lot of the time your offer will be seen by 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 not up for negotiation when buying a short sale. The lender will be selling the property just the way it is which means the lender will not 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 am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.