Ready to purchase a short sale?
Are short sales good deals?
From time to time, yes. Most people hear the term "short sale" and automatically think of a seller that is in trouble and needs to sell their property promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these cases the "bargain" price may in fact be in line with actual market values instead of below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using a qualified real estate professional from The City Country Group @ Vanguard Properties DRE# 01380792 to help you research a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, the amount 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.
Get a REALTOR® with short sale experience. The City Country Group @ Vanguard Properties DRE# 01380792 can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to slow down the closing process. Put my knowledge and experience to work for you.
- Even with an experienced real estate agent and under the best of situations, 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 the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are normally non-negotiable when dealing with a short sale. The lender will sell 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 The City Country Group @ Vanguard Properties DRE# 01380792, 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 results of the inspections.