Looking to make a deal on a short sale?

Can I get a bargain on a short sale?

The short answer is "sometimes". Often times people hear the term "short sale" and routinely think of a seller that is in trouble and needing to sell their property fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the reduced price may in fact be in line with current market values rather than below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using an experienced real estate agent from E Z Home Search Real Estate Inc. to assist you with researching a property can help you make educated decisions. We can help learn 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 information can help you decide how much to offer.

• Use a real estate agent with short sale knowledge. E Z Home Search Real Estate Inc. can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to slow down 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 probably 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 getting approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before 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 usually not up for negotiation when working with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Make 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 will be looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.