Looking to buy a short sale?

Can I get a bargain on a short sale?

From time to time, yes. Often times people hear the term "short sale" and instinctively think of a seller that is in default and must sell their home quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the discounted 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 an experienced real estate agent from RE/MAX Performance to help you research 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. Locating these facts can help you decide how much to offer.

• Get a REALTOR^® with short sale expertise. RE/MAX Performance can help expedite the transaction and ensure that you're protected. Don't allow inexperience to hinder the closing process. Let my experience and knowledge work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. Commonly, your offer will be seen by 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 non-negotiable when working with a short sale. The lender is selling the property as seen which means the lender isn't going to pay 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 am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.