Ready to purchase a short sale?

Are short sales good deals?

The short answer is "sometimes". Often times people hear the words "short sale" and routinely think of a seller that is in trouble and needs to sell their home promptly to avert 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 declined. In these cases the "bargain" price may in fact be in line with current market values rather than below.

How do I buy a short sale?

• Before making any purchase offers, do your homework. Using an experienced real estate agent from E Z Home Search Real Estate Inc. to help you research a property can help you make educated decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you determine how much to offer.

• Use an agent with short sale knowledge. E Z Home Search Real Estate Inc. can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience impede 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 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will go before 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 typically not negotiable when buying 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. Be sure to reserve the right to have the property inspected 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 suggest that you make your offer contingent upon the inspection results.