Looking to make a deal on a short sale?

Are short sales bargains?

Occasionally. Many people hear the words "short sale" and routinely think of a seller that is in financial trouble and needing to sell their home quickly to prevent 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 cases such as these the reduced price may in fact be consistent with actual market values rather than below.

How do I buy a short sale?

• Always do your research before making any offers. Using an experienced real estate professional from E Z Home Search Real Estate Inc. to help you research a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting these facts can help you determine how much to offer.

• Hire a REALTOR^® with short sale experience. E Z Home Search Real Estate Inc. can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to hinder the closing process. Put my knowledge and experience to work for you.

• 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 many short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. In most cases your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make sure to 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 am looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.