Looking to make a deal on a short sale?
Are short sales good deals?
Every now and then a good deal will come along. Many people hear the words "short sale" and routinely think of a seller that is in financial trouble and needing to sell their property fast 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. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the reduced price may in fact be closer to current market values, not below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using a qualified REALTOR® from D'Addio Realty to help you research a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you decide how much to offer.
Hire an agent with short sale knowledge. D'Addio Realty can aid you in expediting the transaction and make sure you're protected. Don't let inexperience slow down the closing process. Put my knowledge and experience to work for you.
- Even with an experienced real estate agent and under the best circumstances, 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 having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender is 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 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 first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.