Want to buy a short sale?

Can I get a good deal on a short sale?

From time to time, yes. Many people hear the term "short sale" and automatically think of a seller that is in trouble and needing to sell their home 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. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the reduced price may in fact be closer to actual market values, not below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a qualified REALTOR^® from Provident Realty Group to assist you with researching a property can help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you make a decision about how much to offer.

• Use a real estate agent with short sale experience. Provident Realty Group can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Put my experience and knowledge to work in your favor.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be aware 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 terms of the sale. A lot of the time your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when buying a short sale. The lender is 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 perform inspections 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 foremost and will always recommend that you make your offer contingent upon the inspection results.