Ready to buy a short sale?

Are they good deals?

Sometimes. Many people hear the term "short sale" and instinctively think of a seller that is in default and needs to sell their house quickly 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. In contrast, 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 "bargain" price may in fact be closer to actual market values rather than below.

Are you ready to buy a short sale property?

• Before making any purchase offers, do your homework. Using a qualified real estate agent from RE/MAX Performance to help you research a property can help you make educated 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. Acquiring these facts can help you make a decision about how much to offer.

• Use a REALTOR^® with short sale expertise. RE/MAX Performance can aid you in expediting the transaction and make certain you're protected. Don't let inexperience slow down the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that most 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. A lot of the time your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are typically non-negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Be sure you reserve the right to perform 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 advise you to make your offer contingent upon the outcome of the inspections.