Looking to purchase a short sale?

Are short sales good deals?

Occasionally. Many people hear the term "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house promptly 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. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the "bargain" price may in fact be closer to actual market values rather than below.

How do I buy a short sale?

• Always do your research before making any offers. Using a qualified real estate agent from Provident Realty Group to assist you with researching a property will help you make educated decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you decide how much to offer.

• Get a REALTOR^® with short sale knowledge. Provident Realty Group can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Know that most 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 sale terms. Commonly, your offer will be seen by a committee to approve or disapprove, 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 is selling the property as seen which means the lender won't 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 foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.