Ready to buy a short sale?

Are short sales good deals?

Sometimes. Often times people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needing to sell their property quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be consistent with current market values instead of below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using an experienced real estate agent from E Z Home Search Real Estate Inc. to assist you with researching a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you determine how much to offer.

• Use a real estate professional with short sale expertise. E Z Home Search Real Estate Inc. can help expedite the transaction and ensure that you're protected. Don't permit inexperience to hinder the closing process. Let my experience and knowledge work in your favor.

• 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 aware that many short sales will not close in less than 30 days. Remember that you're not only getting 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, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are typically not negotiable when working with a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Make 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 recommend that you make your offer contingent upon the inspection results.