Looking to make a deal on a short sale?
Are they good deals?
Sometimes. Often times people hear the term "short sale" and automatically think of a seller that is in default and needs to sell their house fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the "bargain" price may in fact be in line with true market values instead of below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using an experienced REALTOR® from Atlas Real Estate Corporation to support your research of a property can help you make educated decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you decide how much to offer.
Use a REALTOR® with short sale expertise. Atlas Real Estate Corporation can help expedite the transaction and make certain you're protected. Don't allow inexperience to impede 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 probably take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 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. A lot of the time your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when working with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Always 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 will be looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.