Ready to purchase a short sale?
Are short sales good deals?
From time to time, yes. Many people hear the term "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 occasionally the case and can be an opportunity for a buyer to take advantage of 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 discounted price may in fact be closer to current market values instead of below.
How do I buy a short sale?
- Always do your research before making any offers. Using a knowledgeable REALTOR® from The City Country Group @ Vanguard Properties DRE# 01380792 to help you research a property will help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you determine how much to offer.
Use an agent with short sale experience. The City Country Group @ Vanguard Properties DRE# 01380792 can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to delay the closing process. Put my experience and knowledge to work in your favor.
- 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 aware that a majority of 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. In most cases your offer will go before a committee for approval, 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 buying a short sale. The lender will sell 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 The City Country Group @ Vanguard Properties DRE# 01380792, when I write an offer, I am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.