Ready to purchase a short sale?
Can I get a bargain on a short sale?
Every now and then a good deal will come along. Many people hear the words "short sale" and routinely think of a seller that is in financial trouble and must sell their property promptly to avert 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 isn't delinquent with their payments, but property values have declined. In these cases the reduced price may in fact be closer to actual market values, not below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using an experienced real estate professional from Mountain Ranch Realty, Inc. to assist you with researching a property can help you make informed 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. Getting this info can help you determine how much to offer.
Hire a REALTOR® with short sale expertise. Mountain Ranch Realty, Inc. can help expedite the transaction and make certain you're protected. Don't permit inexperience to slow down the closing process. Put my experience and knowledge to work in your favor.
- 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. Know that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. 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 not up for negotiation when buying a short sale. The lender will be selling the property "as is" which means the lender will not be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Mountain Ranch Realty, Inc., when I write an offer, I will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.