Ready to purchase a short sale?
Can I get a bargain on a short sale?
Sometimes. Many people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needing to sell their house fast 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. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the "bargain" price may in fact be consistent with current market values rather than below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using a knowledgeable REALTOR® from RE/MAX Performance to help you research a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you make a decision about how much to offer.
Use a real estate agent with short sale knowledge. RE/MAX Performance can help expedite the transaction and make certain you're protected. Don't allow inexperience to hinder 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 probably take longer than a typical real estate transaction. Know 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. In most cases your offer will be presented 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 generally not up for negotiation when dealing with a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At RE/MAX Performance, 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 outcome of the inspections.