Ready to make a deal on a short sale?
Can I get a good deal on a short sale?
From time to time, yes. Most people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needs to sell their home quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the reduced price may in fact be closer to actual market values rather than 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 assist you with researching a property will help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you decide how much to offer.
Use a real estate agent with short sale expertise. Atlas Real Estate Corporation can aid you in expediting the transaction and ensure that you're protected. Don't allow inexperience to delay the closing process. Let my experience and knowledge work in your favor.
- Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 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 terms of the sale. Commonly, your offer will go before 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 generally non-negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make sure you 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 first and will always advise you to make your offer contingent upon the results of the inspections.