Ready to make a deal on a short sale?

Are short sales good deals?

Every now and then a good deal will come along. Most people hear the words "short sale" and routinely think of a seller that is in financial trouble and must sell their home quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the "bargain" price may in fact be in line with current market values rather than below.

What's involved in buying a short sale?

• Before you make any purchase offers, do your research. Using an experienced real estate professional from Provident Realty Group to support your research of a property will help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you decide how much to offer.

• Hire a REALTOR^® with short sale expertise. Provident Realty Group can aid you in expediting the transaction and make certain 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 generally take longer than a typical real estate transaction. Be aware that most 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 sale terms. It's not uncommon that your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when buying a short sale. The lender will sell the property "as 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 am looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.