Ready to purchase a short sale?
Can I get a good deal on a short sale?
Occasionally. Many people hear the phrase "short sale" and automatically think of a seller that is insolvent and needs to sell their home fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be consistent with true market values rather than below.
How do I buy a short sale?
- Before you make any purchase offers, do your research. Using an experienced real estate agent from D'Addio Realty to help you research a property will help you make knowledgeable 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. Having this data can help you decide how much to offer.
Get a real estate professional with short sale experience. D'Addio Realty can help expedite the transaction and ensure that you're protected. Don't let inexperience 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 generally take longer than a typical real estate transaction. Be informed that many 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. A lot of the time your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection plans, 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 just the way it is which means the lender won't be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At D'Addio Realty, when I write an offer, I will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.