Ready to purchase a short sale?
Can I get a good deal on a short sale?
From time to time, yes. Often times people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their house fast to prevent further financial problems. This is occasionally 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 fallen. In cases such as these the discounted price may in fact be consistent with true market values, not below.
How do I buy a short sale?
- Always do your homework before making any offers. Using a knowledgeable real estate agent from Lake Country Real Estate, Inc. to assist you with researching a property can help you make informed decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you decide how much to offer.
Hire a real estate agent with short sale knowledge. Lake Country Real Estate, Inc. can aid you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hinder 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. Be informed that most 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 sale terms. Commonly, 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 usually not negotiable when dealing with a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Make sure you 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 first and will always advise you to make your offer contingent upon the inspection results.