Looking to make a deal on a short sale?

Can I get a good deal on a short sale?

The short answer is "sometimes". Often times people hear the words "short sale" and automatically think of a seller that is insolvent and needing to sell their house quickly 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. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the "bargain" price may in fact be in line with 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 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 reveal 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 make a decision about how much to offer.

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

• 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 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 discounted price. A lot of the time 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 usually non-negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Be sure you 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 advise you to make your offer contingent upon the outcome of the inspections.