Looking to make a deal on a short sale?
Are short sales good deals?
From time to time, yes. Many people hear the words "short sale" and automatically think of a seller that is in trouble 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 take advantage of another's misfortune. Alternatively, 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 consistent with current market values, not below.
Are you ready to buy a short sale property?
- Before you make any purchase offers, do your research. Using a knowledgeable REALTOR® from Lake Country Real Estate, Inc. to assist you with researching a property will help you make informed 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. Locating this data can help you determine how much to offer.
Hire a real estate agent with short sale expertise. Lake Country Real Estate, Inc. can aid you in expediting the transaction and make sure you're protected. Don't let inexperience impede the closing process. Put my experience and knowledge to work in your favor.
- Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender won't 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 will be looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.