Want to make a deal on a short sale?
Can I get a bargain on a short sale?
Sometimes. Often times people hear the words "short sale" and automatically think of a seller that is in default and must sell their house quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the "bargain" price may in fact be consistent with true market values instead of below.
How do I buy a short sale?
- Always do your research before making any offers. Using a knowledgeable real estate professional from Awesome Real Estate Inc. to help you research a property will help you make informed 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. Getting this information can help you decide how much to offer.
Hire a real estate professional with short sale expertise. Awesome Real Estate Inc. can help expedite the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Let my experience and knowledge 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 less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. A lot of the time 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 typically non-negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Awesome Real Estate Inc., when I write an offer, I'm looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.