Looking to buy a short sale?
Are they good deals?
From time to time, yes. Often times people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needs to sell their home fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these instances the reduced price may in fact be closer to true market values rather than below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using an experienced real estate agent from Lake Country Real Estate, Inc. to assist you with researching a property will help you make educated decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you determine how much to offer.
Use a REALTOR® with short sale expertise. Lake Country Real Estate, Inc. can help expedite the transaction and make sure you're protected. Don't permit inexperience to delay the closing process. Let my experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually 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. In most cases your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-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 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 will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the inspection results.