Want to buy a short sale?

Can I get a good deal on a short sale?

Occasionally. Most people hear the term "short sale" and automatically 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 take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the "bargain" price may in fact be closer to current market values, not below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using a qualified REALTOR^® from RE/MAX Performance to support your research of 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. Getting this data can help you make a decision about how much to offer.

• Get a real estate agent with short sale knowledge. RE/MAX Performance can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to slow down the closing process. Put my experience and knowledge to work in your favor.

• Even in the best of situations and with an experienced real estate agent, 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 get approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Be 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 foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.