Looking to make a deal on a short sale?

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Most people hear the term "short sale" and instinctively think of a seller that is insolvent and must sell their home fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the reduced price may in fact be consistent with actual market values instead of below.

How do I buy a short sale?

• Always do your research before making any offers. Using an experienced REALTOR^® from RE/MAX One Hundred to support your research of a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you determine how much to offer.

• Hire a real estate agent with short sale expertise. RE/MAX One Hundred can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience impede the closing process. Let my experience and knowledge work in your favor.

• Even with an experienced real estate agent and under the best of situations, 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 less than 30 days. 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 sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At RE/MAX One Hundred, when I write an offer, I'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.