Ready to make a deal on a short sale?

Are short sales bargains?

The short answer is "sometimes". Many people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needs to sell their house fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most 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 depreciated. In cases such as these the discounted price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

• Prior to making any purchase offers, do your homework. Using a qualified real estate professional from Provident Realty Group to assist you with researching a property will help you make informed decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you determine how much to offer.

• Hire a real estate professional with short sale experience. Provident Realty Group can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience delay the closing process. Put my experience and knowledge to work in your favor.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Know that many short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will go before a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender will not 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 will be looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.