Looking to buy a short sale?
Can I get a bargain on a short sale?
The short answer is "sometimes". Most people hear the words "short sale" and automatically think of a seller that is in financial trouble and must sell their property quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the reduced price may in fact be consistent with true market values rather than below.
Are you ready to buy a short sale property?
- Before you make any purchase offers, do your homework. Using a qualified real estate professional from D'Addio Realty to help you research a property will help you make knowledgeable decisions. We can help find out 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 decide how much to offer.
Get an agent with short sale expertise. D'Addio Realty can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to delay 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 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 sale terms. 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 plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At D'Addio Realty, when I write an offer, I'm looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.