Looking to make a deal on a short sale?
Are short sales good deals?
From time to time, yes. Many people hear the term "short sale" and routinely think of a seller that is in default and needing to sell their property promptly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from 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 these instances the reduced price may in fact be in line with actual market values instead of below.
How do I buy a short sale?
- Before you make any purchase offers, do your research. Using a knowledgeable real estate agent from D'Addio Realty to assist you with researching a property can help you make informed decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you decide how much to offer.
Get a real estate professional with short sale expertise. D'Addio Realty can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to slow down 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 informed that many short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable 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 D'Addio Realty, when I write an offer, I will be looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.