Ready to make a deal on a short sale?

Can I get a bargain on a short sale?

The short answer is "sometimes". Often times people hear the phrase "short sale" and automatically think of a seller that is in default and must sell their home fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the "bargain" price may in fact be in line with true market values, not below.

What's involved in buying a short sale?

• Before you make any purchase offers, do your homework. Using an experienced REALTOR^® from E Z Home Search Real Estate Inc. to assist you with researching a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you decide how much to offer.

• Hire an agent with short sale experience. E Z Home Search Real Estate Inc. can help expedite the transaction and make sure you're protected. Don't allow inexperience to delay the closing process. Put my experience and knowledge to work in your favor.

• 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. Be aware 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. It's not uncommon that your offer will be presented to 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 generally not negotiable when buying a short sale. The lender will sell the property "as is" which means the lender will not be paying 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 recommend that you make your offer contingent upon the inspection results.