Ready to make a deal on a short sale?
Can I get a bargain on a short sale?
From time to time, yes. Often times people hear the term "short sale" and routinely think of a seller that is in default and needs to sell their home quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the reduced price may in fact be closer to true market values, not below.
How do I buy a short sale?
- Before making any purchase offers, do your homework. Using a qualified real estate agent from Your City Country Connection to assist you with researching a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you determine how much to offer.
Use a REALTOR® with short sale experience. Your City Country Connection can help expedite the transaction and make sure you're protected. Don't let inexperience hold up the closing process. Let my experience and knowledge work for you.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Know that most short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. Commonly, your offer will be sent to 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 generally not negotiable when working 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. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Your City Country Connection, when I write an offer, I'm looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.