Want to purchase a short sale?
|A short sale happens when the seller's lender agrees to accept a reduced sum to release a mortgage.|
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 trouble and needing to sell their home fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the discounted price may in fact be in line with true market values rather than 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 LARRY BARTOW - Keller Williams Realty to help you research a property will help you make educated decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you decide how much to offer.
Use a REALTOR® with short sale expertise. The real estate agents at LARRY BARTOW - Keller Williams Realty can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience hold up the closing process. Let our experience and knowledge work in your favor.
- Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that most 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 terms of the sale. Commonly, your offer will go before a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender isn't going to pay for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At LARRY BARTOW - Keller Williams Realty, 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 inspection results.