Looking to buy a short sale?
Can I get a good deal on a short sale?
Every now and then a good deal will come along. Most people hear the term "short sale" and instinctively think of a seller that is in trouble and needs to sell their house quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to do well from 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 declined. In these instances the reduced price may in fact be in line with actual market values instead of below.
What's involved in buying a short sale?
- Before you make any purchase offers, do your homework. Using an experienced real estate agent from The City Country Group @ Vanguard Properties DRE# 01380792 to support your research of a property can help you make informed decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you make a decision about how much to offer.
Hire an agent with short sale experience. The City Country Group @ Vanguard Properties DRE# 01380792 can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to hinder the closing process. Let my experience and knowledge work in your favor.
- 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. Be informed that many 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 terms of the sale. Commonly, your offer will be sent to 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 typically not up for negotiation when working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make 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 am looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.