Want to buy a short sale?
Are they good deals?
Occasionally. Many people hear the term "short sale" and instinctively think of a seller that is in trouble and needs to sell their house quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced price may in fact be in line with true market values, not below.
What's involved in buying a short sale?
- Always do your homework before making any offers. Using an experienced real estate professional from Atlas Real Estate Corporation to support your research of a property can help you make educated decisions. We can help learn 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 information can help you make a decision about how much to offer.
Get a REALTOR® with short sale expertise. Atlas Real Estate Corporation can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up the closing process. Let my experience and knowledge work for you.
- 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 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 discounted price. In most cases your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection plans, 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 "as is" which means the lender isn't going to pay for repairs. Be 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'm looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.