Looking to make a deal on a short sale?
Can I get a good deal on a short sale?
The short answer is "sometimes". Most people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needing to sell their home 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. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the "bargain" price may in fact be consistent with actual market values, not below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using an experienced real estate agent from Atlas Real Estate Corporation to help you research a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you decide how much to offer.
Get a real estate agent with short sale experience. Atlas Real Estate Corporation can aid you in expediting the transaction and make certain you're protected. Don't let inexperience slow down the closing process. Put my experience and knowledge to work in your favor.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. In most cases your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Atlas Real Estate Corporation, when I write an offer, I will be looking out for your interests above all else and will always advise you to make your offer contingent upon the inspection results.