Looking to purchase a short sale?

Are short sales bargains?

From time to time, yes. Many people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their house fast to prevent 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 with their mortgage, but property values have fallen. In these instances the reduced price may in fact be in line with true market values, not below.

How do I buy a short sale?

• Always do your research before making any offers. Using a knowledgeable REALTOR^® from E Z Home Search Real Estate Inc. to assist you with researching a property can help you make informed decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you determine how much to offer.

• Hire a real estate professional with short sale experience. E Z Home Search Real Estate Inc. can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to slow down the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed 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 terms of the sale. Commonly, 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 normally non-negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Make sure to 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 will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.