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Looking to make a deal on a short sale?

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.

Purchasing a short sale in Fall River, Massachusetts on your own is risky. Contact E Z Home Search Real Estate Inc. for expert advice.

Are short sales bargains?

The short answer is "sometimes". Many people hear the words "short sale" and routinely think of a seller that is in default and must sell their house promptly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the discounted price may in fact be consistent with current market values, not below.

How do I buy a short sale?

  • Prior to making any purchase offers, do your homework. Using an experienced real estate agent from E Z Home Search Real Estate Inc. to support your research of a property will help you make educated 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 knowledge. E Z Home Search Real Estate 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 in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be presented 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 dealing with a short sale. The lender will sell the property just the way it is which means the lender isn't going to pay for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At E Z Home Search Real Estate Inc., when I write an offer, I'm looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, E Z Home Search Real Estate Inc. can help. Use my experience and knowledge of real estate to be certain that you are getting a fair deal and remain protected during the full process.

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