Ready to make a deal on a short sale?

Are short sales bargains?

From time to time, yes. Often times people hear the words "short sale" and instinctively think of a seller that is in trouble and needs to sell their property fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In cases such as these the discounted price may in fact be in line with current market values, not below.

How do I buy a short sale?

• Always do your homework before making any offers. Using a knowledgeable REALTOR^® from Provident Realty Group to support your research of a property will help you make knowledgeable decisions. We can help find out 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 determine how much to offer.

• Use an agent with short sale experience. Provident Realty Group can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Let my experience and knowledge work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be aware 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. It's not uncommon that your offer will be presented to 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 dealing with a short sale. The lender is selling 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 will be looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.