Ready to buy a short sale?
Can I get a bargain on a short sale?
Occasionally. Most people hear the words "short sale" and automatically think of a seller that is in default and needs to sell their home quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, 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 discounted price may in fact be in line with true market values, not below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using a qualified real estate professional from D'Addio Realty to assist you with researching a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you make a decision about how much to offer.
Get an agent with short sale expertise. D'Addio Realty can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up the closing process. Let my experience and knowledge work in your favor.
- 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. Know that most 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 presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Be sure you reserve the right to have the property inspected 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 suggest that you make your offer contingent upon the results of the inspections.