Looking to make a deal on a short sale?

Are they good deals?

Sometimes. Often times people hear the phrase "short sale" and automatically think of a seller that is insolvent and needing to sell their property quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these cases the "bargain" price may in fact be consistent with true market values rather than below.

How do I buy a short sale?

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

• Hire a real estate professional with short sale expertise. Provident Realty Group can help expedite the transaction and make certain you're protected. Don't permit inexperience to hinder the closing process. Put my knowledge and experience to work for you.

• 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. Be informed 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 discounted price. In most cases your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender is selling the property as seen which means the lender isn't going to pay 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 am looking out for your interests above all else and will always advise you to make your offer contingent upon the inspection results.