Ready to make a deal on a short sale?
Are short sales bargains?
From time to time, yes. Many people hear the phrase "short sale" and instinctively think of a seller that is in default and needs to sell their home promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the discounted price may in fact be in line with current market values rather than below.
Are you ready to buy a short sale property?
- Prior to making any purchase offers, do your homework. Using a knowledgeable real estate professional from Lake Country Real Estate, Inc. to support your research of a property can help you make knowledgeable 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. Having this info can help you decide how much to offer.
Get a REALTOR® with short sale experience. Lake Country Real Estate, Inc. can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Let my experience and knowledge work for you.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 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 for approval, 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 as seen which means the lender isn't going to pay for repairs. Be 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'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.