Want to purchase a short sale?
Are short sales good deals?
Sometimes. Many people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their property fast to avert 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. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the discounted price may in fact be consistent with true market values rather than below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a qualified real estate agent from Atlas Real Estate Corporation to support your research of a property can help you make informed decisions. We can help find out to whom the property is titled, how much is 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.
Use an agent with short sale knowledge. Atlas Real Estate Corporation can assist you in expediting the transaction and make certain you're protected. Don't let inexperience slow down 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 most 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 terms of the sale. Commonly, your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Atlas Real Estate Corporation, when I write an offer, I'm looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.