Want to make a deal on a short sale?

Can I get a bargain on a short sale?

Occasionally. Often times people hear the phrase "short sale" and automatically think of a seller that is insolvent 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 take advantage of 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 depreciated. In cases such as these the "bargain" price may in fact be in line with actual market values, not below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using an experienced REALTOR^® from Southdale Properties, Inc. to help you research a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you decide how much to offer.

• Use a real estate professional with short sale knowledge. Southdale Properties, Inc. can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Let my experience and knowledge work for you.

• 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 most short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be sent 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 usually non-negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Southdale Properties, Inc., when I write an offer, I am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.