When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, just contact me through my site or e-mail me. I'm happy to answer any questions you have about real estate short sales.
Can I get a bargain on a short sale?
Occasionally. Often times people hear the words "short sale" and automatically think of a seller that is in default and needing to sell their property quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from 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 declined. In cases such as these the "bargain" 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 research before making any offers. Using a knowledgeable real estate professional from Buyers Advantage Group Realty to support your research of 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 decide how much to offer.
Get a real estate professional with short sale knowledge. The real estate agents at Buyers Advantage Group Realty can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to impede the closing process. Let our 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. 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. It's not uncommon that your offer will be presented to a committee for approval which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when dealing with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Buyers Advantage Group Realty, when we write an offer, we're looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it is a short sale or a typical home sale, Buyers Advantage Group Realty can help you. Use our experience and knowledge of real estate to be certain you're getting a fair deal and will be protected during the complete transaction.
