Ready to purchase a short sale?
Are short sales good deals?
The short answer is "sometimes". Often times people hear the words "short sale" and instinctively think of a seller that is in default and must sell their house promptly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the reduced price may in fact be consistent with true market values instead of below.
Are you ready to buy a short sale property?
- Before you make any purchase offers, do your research. Using a qualified real estate agent from Your City Country Connection to help you research a property will help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you determine how much to offer.
Hire a real estate agent with short sale experience. Your City Country Connection can assist you in expediting the transaction and make certain you're protected. Don't let inexperience 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 generally take longer than a typical real estate transaction. Be aware that most 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. Commonly, 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 non-negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Your City Country Connection, when I write an offer, I am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.