Want to make a deal on a short sale?

Are short sales good deals?

From time to time, yes. Many people hear the phrase "short sale" and routinely think of a seller that is in trouble and needs to sell their property fast to avert further financial problems. This is at times 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 isn't delinquent with their payments, but property values have fallen. In cases such as these the discounted price may in fact be closer to current market values, not below.

How do I buy a short sale?

• Always do your research before making any offers. Using a qualified real estate agent from RE/MAX Performance to support your research of a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info 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 permit inexperience to hinder the closing process. Put my experience and knowledge to work in your favor.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Know that a majority of 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 terms of the sale. It's not uncommon that 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 usually not up for negotiation when dealing with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Always 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.