When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.
For more information, you can contact me through my site or e-mail me. I'm glad to answer any questions you have regarding real estate short sales.
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 instinctively think of a seller that is in financial trouble and must sell their home fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the "bargain" price may in fact be in line with current market values rather than below.
What's involved in buying a short sale?
Before making any purchase offers, do your homework. Using a qualified real estate professional from EZ Home Search Real Estate to support your research of a property can help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you decide how much to offer.
Hire a REALTOR® with short sale knowledge. The real estate agents at EZ Home Search Real Estate can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to delay the closing process. Let our experience and knowledge work in your favor.
Even with an experienced real estate agent and under the best of situations, 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 satisfy the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when dealing with a short sale. The lender will be selling the property "as 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 EZ Home Search Real Estate, when I write an offer, I am looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it be a short sale or a typical home sale, EZ Home Search Real Estate can help you. Utilize my experience and knowledge of real estate to be confident you're getting a fair deal and remain protected during the whole deal.