Ready to purchase a short sale?
Can I get a good deal on a short sale?
Sometimes. Most people hear the term "short sale" and automatically think of a seller that is insolvent and needs to sell their house promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most 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 declined. In these cases the discounted price may in fact be consistent with true market values rather than below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using a knowledgeable real estate agent from Lake Country Real Estate, Inc. to help you research a property will help you make educated decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you decide how much to offer.
Use a REALTOR® with short sale knowledge. Lake Country Real Estate, Inc. can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience slow down 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 generally take longer than a typical real estate transaction. Know that many short sales will not close in 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 discounted price. Commonly, your offer will go before 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 negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to have the property inspected 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 recommend that you make your offer contingent upon the outcome of the inspections.