Looking to buy a short sale?

Are short sales bargains?

Sometimes. Often times people hear the term "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their property fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the discounted price may in fact be closer to actual market values, not below.

How do I buy a short sale?

• Always do your homework before making any offers. Using a knowledgeable real estate agent from E Z Home Search Real Estate Inc. to support your research of a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this information can help you make a decision about 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 impede the closing process. Put my experience and knowledge to work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably 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 having to get approval from the seller, but the lender must also agree to the discounted price. 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 plans, buyer credits and allowances, and closing cost concessions are normally not negotiable when working 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 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 am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.