Want to purchase a short sale?
Are short sales good deals?
Sometimes. Many people hear the term "short sale" and routinely think of a seller that is in default and must sell their house quickly to avoid further financial problems. This is sometimes 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 isn't delinquent with their payments, but property values have fallen. In these cases the reduced price may in fact be consistent with actual market values instead of below.
How do I buy a short sale?
- Always do your research before making any offers. Using an experienced REALTOR® from Atlas Real Estate Corporation to assist you with researching a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you make a decision about how much to offer.
Use a real estate agent with short sale knowledge. Atlas Real Estate Corporation can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hinder the closing process. Put my experience and knowledge to work in your favor.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually 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 getting approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will go before a committee for approval, 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 is selling the property "as is" which means the lender won't be paying for repairs. Make sure you reserve the right to have 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 recommend that you make your offer contingent upon the inspection results.