Want to make a deal on a short sale?

Are they good deals?

The short answer is "sometimes". Often times people hear the phrase "short sale" and automatically think of a seller that is insolvent and needing to sell their home promptly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the reduced price may in fact be in line with actual market values rather than below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a qualified real estate professional from E Z Home Search Real Estate Inc. to support your research of a property can help you make educated decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you make a decision about how much to offer.

• Get a real estate agent with short sale experience. E Z Home Search Real Estate Inc. can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to hinder the closing process. Let my experience and knowledge 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 informed that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be seen by 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 normally not up for negotiation when buying a short sale. The lender is selling 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 am looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.