Looking to buy a short sale?
Are short sales good deals?
Every now and then a good deal will come along. Most people hear the phrase "short sale" and routinely think of a seller that is in trouble and needs to sell their house quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most 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 depreciated. In these cases the reduced price may in fact be closer to true market values instead of below.
How do I buy a short sale?
- Always do your research before making any offers. Using a qualified REALTOR® from RE/MAX Performance to help you research a property can help you make informed decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you determine how much to offer.
Get a REALTOR® with short sale knowledge. RE/MAX Performance can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to slow down the closing process. Put my knowledge and experience to work for you.
- 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 many 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 discounted price. In most cases your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At RE/MAX Performance, when I write an offer, I'm looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.