Looking to make a deal on a short sale?
Can I get a good deal on a short sale?
Sometimes. Many people hear the phrase "short sale" and automatically think of a seller that is in default and needs to sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from 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 "bargain" price may in fact be in line with true market values rather than below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using a qualified REALTOR® from Lake Country Real Estate, Inc. to help you research a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you make a decision about how much to offer.
Get a REALTOR® with short sale knowledge. Lake Country Real Estate, Inc. can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up the closing process. Put my experience and knowledge to work in your favor.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in the customary 30 days or less. 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 go before a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when buying a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Lake Country Real Estate, Inc., when I write an offer, I'm looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.