Ready to purchase a short sale?
Are short sales good deals?
Sometimes. Often times people hear the phrase "short sale" and routinely think of a seller that is in default and needing to sell their home fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the "bargain" price may in fact be closer to current market values rather than below.
How do I buy a short sale?
- Prior to making any purchase offers, do your homework. Using a qualified real estate professional from D'Addio Realty to assist you with researching a property can help you make educated decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you determine how much to offer.
Get an agent with short sale experience. D'Addio Realty can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to hinder 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 aware that most 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 discounted price. It's not uncommon that 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 will be 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 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 first and will always advise you to make your offer contingent upon the outcome of the inspections.