Ready to buy a short sale?
Are short sales good deals?
From time to time, yes. Often times people hear the term "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 sometimes 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, but property values have depreciated. In these instances the discounted 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 homework before making any offers. Using an experienced REALTOR® from Atlas Real Estate Corporation to help you research a property will help you make educated 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 information can help you determine how much to offer.
Hire a real estate agent with short sale knowledge. Atlas Real Estate Corporation can help expedite the transaction and make sure you're protected. Don't permit inexperience to 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. Know that many short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. 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 warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Make sure to 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 first and will always recommend that you make your offer contingent upon the inspection results.