Ready to make a deal on a short sale?
Are short sales bargains?
Occasionally. Most people hear the term "short sale" and routinely think of a seller that is in default and needs to sell their house fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on 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 depreciated. In these instances the "bargain" price may in fact be consistent with actual market values instead of below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using a qualified 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 find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you make a decision about how much to offer.
Get 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 let inexperience impede 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 generally take longer than a typical real estate transaction. Know that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. A lot of the time your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when working with a short sale. The lender will sell 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 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 suggest that you make your offer contingent upon the inspection results.