Want to make a deal on a short sale?
Are short sales bargains?
Sometimes. Often times people hear the phrase "short sale" and automatically think of a seller that is in default and needing to sell their home fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from 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 declined. In these cases the discounted price may in fact be closer to true market values instead of below.
How do I buy a short sale?
- Always do your homework before making any offers. Using a qualified real estate agent from Atlas Real Estate Corporation to assist you with researching a property will help you make informed 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. Having these facts can help you determine how much to offer.
Use a real estate agent with short sale experience. Atlas Real Estate Corporation can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to impede the closing process. Put my experience and knowledge to 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. Know that most 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 terms of the sale. A lot of the time your offer will be presented to a committee to approve or disapprove, 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 dealing with a short sale. The lender will sell the property "as is" which means the lender will not 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 am looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.