Want to make a deal on a short sale?

Are they 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 in default and must sell their property promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, 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 consistent with true market values, not below.

Are you ready to buy a short sale property?

• Before making any purchase offers, do your research. Using an experienced real estate professional from Southdale Properties, Inc. to assist you with researching a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this information can help you determine how much to offer.

• Hire a real estate agent with short sale experience. Southdale Properties, Inc. can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Let my experience and knowledge 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. Be informed that a majority of short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when buying a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Make sure you 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 will be looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.