Want to make a deal on a short sale?
Can I get a good deal on a short sale?
The short answer is "sometimes". Many people hear the words "short sale" and routinely think of a seller that is insolvent and needing to sell their property fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these cases the reduced price may in fact be in line with current market values, not below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using an experienced real estate agent from Lake Country Real Estate, Inc. to help you research a property can help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you determine how much to offer.
Hire a REALTOR® with short sale experience. Lake Country Real Estate, Inc. can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to hold up 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 many short sales will not close in 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. In most cases your offer will be seen by 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 usually non-negotiable when buying a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Be sure to reserve the right to have 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 above all else and will always recommend that you make your offer contingent upon the inspection results.