Looking to make a deal on a short sale?

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Most people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their home quickly 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, but property values have fallen. In cases such as these the discounted price may in fact be closer to current market values, not below.

How do I buy a short sale?

• Before you make any purchase offers, do your homework. Using a qualified real estate agent from E Z Home Search Real Estate Inc. to help you research a property will 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. Getting this data can help you decide how much to offer.

• Hire a real estate agent with short sale knowledge. 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 delay 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. Know 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 discounted price. A lot of the time your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender isn't going to pay 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'm looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.