Want to purchase a short sale?
Are short sales bargains?
Sometimes. Often times people hear the term "short sale" and automatically think of a seller that is in financial trouble and must sell their property quickly to avoid further financial problems. This is at times 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 isn't delinquent with their payments, but property values have depreciated. In these cases the "bargain" price may in fact be in line with true market values rather than below.
Are you ready to buy a short sale property?
- Prior to making any purchase offers, do your homework. Using a qualified real estate agent from D'Addio Realty to help you research a property will help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you make a decision about how much to offer.
Hire an agent with short sale experience. D'Addio Realty can help expedite the transaction and make certain you're protected. Don't let inexperience impede the closing process. Put my knowledge and experience to work for you.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be aware 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 discounted price. A lot of the time your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when dealing with a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Make sure to reserve the right to perform 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 recommend that you make your offer contingent upon the outcome of the inspections.