Ready to buy a short sale?

Can I get a good deal on a short sale?

The short answer is "sometimes". Often times people hear the phrase "short sale" and instinctively think of a seller that is in default and needs to sell their property promptly to avoid further financial problems. This is sometimes 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 is current with their mortgage, but property values have fallen. In these cases the reduced price may in fact be consistent with current market values rather than below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using an experienced REALTOR^® from E Z Home Search Real Estate Inc. to support your research of a property will help you make informed decisions. We can help reveal 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 determine how much to offer.

• Hire an agent 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 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 a majority of short sales will not close in less than 30 days. 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. In most cases your offer will be seen by 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 typically not negotiable when buying a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Be sure you 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.