Looking to buy a short sale?
Can I get a bargain on a short sale?
Sometimes. Most people hear the phrase "short sale" and instinctively think of a seller that is in default and needing to sell their home quickly 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 is current, but property values have fallen. In these cases the "bargain" price may in fact be consistent with current market values instead of below.
How do I buy a short sale?
- Always do your homework before making any offers. Using a qualified REALTOR® from Lake Country Real Estate, Inc. to help you research a property can help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you determine how much to offer.
Hire a REALTOR® with short sale knowledge. Lake Country Real Estate, Inc. can assist 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 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. Be aware that most short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be seen by 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 normally not up for negotiation when buying a short sale. The lender will sell the property just the way it is which means the lender isn't going to pay for repairs. Always 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 first and will always suggest that you make your offer contingent upon the results of the inspections.