Ready to purchase a short sale?

Are short sales good deals?

Every now and then a good deal will come along. Most people hear the term "short sale" and automatically think of a seller that is insolvent and needs to sell their home quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the "bargain" price may in fact be in line with true market values, not below.

How do I buy a short sale?

• Always do your research before making any offers. Using an experienced real estate professional from Southdale Properties, Inc. to help you research a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting these facts can help you make a decision about how much to offer.

• Get a real estate professional with short sale expertise. Southdale Properties, Inc. can help expedite the transaction and make certain you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that many short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when buying 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 you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Southdale Properties, Inc., when I write an offer, I will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.