Want to purchase a short sale?

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Many people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their home fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the "bargain" price may in fact be consistent with actual market values, not below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a qualified real estate professional from Provident Realty Group to assist you with researching a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you make a decision about how much to offer.

• Hire an agent with short sale knowledge. Provident Realty Group can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Put my knowledge and experience to work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to 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 up for negotiation when buying a short sale. The lender is selling the property "as 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 will be looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.