Want to make a deal on a short sale?
Can I get a bargain on a short sale?
Occasionally. Many people hear the term "short sale" and instinctively think of a seller that is insolvent and needing to sell their home quickly to prevent further financial problems. This is at times 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 declined. In these cases the discounted price may in fact be consistent with current market values instead of below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using an experienced real estate agent from The City Country Group @ Vanguard Properties DRE# 01380792 to assist you with researching a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is 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.
Get a REALTOR® with short sale knowledge. The City Country Group @ Vanguard Properties DRE# 01380792 can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hold up the closing process. Let my experience and knowledge 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 aware that many 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 sale terms. A lot of the time 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 buying a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected 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 outcome of the inspections.