Ready to purchase a short sale?
Can I get a good deal on a short sale?
Every now and then a good deal will come along. Most people hear the words "short sale" and routinely think of a seller that is in default and needs to sell their property promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the reduced price may in fact be consistent with true market values instead of below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using a knowledgeable real estate professional from Mountain Ranch Realty, Inc. to support your research of a property will help you make informed decisions. We can help learn to whom the property is titled, how much is 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 an agent with short sale expertise. Mountain Ranch Realty, Inc. can assist you in expediting the transaction and make sure you're protected. Don't let inexperience hold up 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 probably take longer than a typical real estate transaction. Know that a majority of short sales will not close in 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 discounted price. In most cases your offer will be seen by 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 normally non-negotiable when buying a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected 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 advise you to make your offer contingent upon the results of the inspections.