Want to make a deal on a short sale?

Can I get a bargain on a short sale?

The short answer is "sometimes". Most people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needing to sell their property promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of 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 fallen. In these cases the "bargain" price may in fact be closer to actual market values instead of below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a knowledgeable real estate professional from E Z Home Search Real Estate Inc. to support your research of a property can help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you decide how much to offer.

• Get a real estate professional with short sale experience. E Z Home Search Real Estate Inc. can help expedite the transaction and make certain you're protected. Don't permit inexperience to delay the closing process. Put my knowledge and experience to work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Know that most short sales will not close in 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. A lot of the time your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender won't be paying 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 will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.