Ready to buy a short sale?

Are they good deals?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and instinctively think of a seller that is in default and must sell their house quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these cases the "bargain" price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using a qualified real estate agent from E Z Home Search Real Estate Inc. to assist you with researching a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you make a decision about how much to offer.

• Get a real estate professional with short sale knowledge. E Z Home Search Real Estate Inc. can aid you in expediting the transaction and make sure you're protected. Don't allow 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 a majority of 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 terms of the sale. In most cases your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when dealing with a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Be sure you reserve the right to have 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 will always advise you to make your offer contingent upon the results of the inspections.