Want to make a deal on a short sale?
When a lender and a homeowner agree to release a mortgage for an amount less than what’s owed on the property, it’s called a short sale.
Are short sales bargains?
Every now and then a good deal will come along. Most people hear the words “short sale” and automatically think of a seller that is insolvent and needs to sell their home fast to avert further financial problems. This is occasionally 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 is current, but property values have fallen. In these instances the “bargain” price may in fact be consistent with current market values, not below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using a knowledgeable REALTOR® from ATLANTIC GROVE REALTY INC to assist you with researching a property can 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. Locating these facts can help you decide how much to offer.
- Use a real estate professional with short sale expertise. ATLANTIC GROVE REALTY INC can assist you in expediting the transaction and make sure you’re protected. Don’t permit inexperience to hinder the closing process. Let my experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Know that most 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 discounted price. A lot of the time 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 generally non-negotiable when working with a short sale. The lender will sell 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 ATLANTIC GROVE REALTY INC, when I write an offer, I am looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.
If you’re ready to buy, whether it be a short sale or a typical home sale? Utilize my experience and knowledge of real estate to feel confident you are getting a fair deal and protect yourself during the full purchase transaction.