Looking to make a deal on a short sale?
Are short sales good deals?
Sometimes. Often times people hear the words "short sale" and instinctively think of a seller that is in default and must sell their home quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the discounted price may in fact be consistent with current market values instead of below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a qualified REALTOR® from Lake Country Real Estate, Inc. to support your research of a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you determine how much to offer.
Hire a REALTOR® with short sale experience. Lake Country Real Estate, Inc. can help expedite the transaction and make sure you're protected. Don't permit inexperience to impede 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 probably take longer than a typical real estate transaction. Be informed that many 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 terms of the sale. Commonly, your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when dealing with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Be sure you 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 am looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.