Want to make a deal on a short sale?

Can I get a good deal on a short sale?

From time to time, yes. Many people hear the term "short sale" and automatically think of a seller that is insolvent and needing to sell their home quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the reduced price may in fact be closer to true market values rather than 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 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. Obtaining this information can help you determine how much to offer.

• Use an agent with short sale expertise. E Z Home Search Real Estate Inc. can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to impede 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 probably take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. It's not uncommon that 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 generally non-negotiable when working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Be sure to reserve the right to perform inspections 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 above all else and will always advise you to make your offer contingent upon the inspection results.