Want to purchase a short sale?

Can I get a good deal on a short sale?

Sometimes. Often times people hear the term "short sale" and routinely think of a seller that is in trouble 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. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the "bargain" price may in fact be in line with current market values instead of below.

How do I buy a short sale?

• Before you make any purchase offers, do your research. Using a qualified real estate professional from E Z Home Search Real Estate Inc. to assist you with researching a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this data can help you decide how much to offer.

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

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that many 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 discounted price. Commonly, your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender is selling the property "as is" which means the lender won't 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 am looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.