Ready to purchase a short sale?

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Many people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needs to sell their home quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on 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 fallen. In cases such as these the discounted price may in fact be consistent with actual market values instead of below.

How do I buy a short sale?

• Always do your homework before making any offers. Using an experienced real estate professional from RE/MAX Performance to support your research of a property can help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you make a decision about how much to offer.

• Use a real estate agent with short sale experience. RE/MAX Performance can help expedite the transaction and make certain you're protected. Don't allow inexperience to impede 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. Be informed that a majority of short sales will not close in 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 sale terms. A lot of the time your offer will be presented to 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 generally not up for negotiation when working with a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Make sure you reserve the right to have 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 first and will always recommend that you make your offer contingent upon the inspection results.