Looking to purchase a short sale?

Are they good deals?

From time to time, yes. Often times people hear the term "short sale" and routinely think of a seller that is in trouble and must sell their property quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on 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 depreciated. In cases such as these the "bargain" price may in fact be consistent with true market values rather than below.

How do I buy a short sale?

• Always do your research before making any offers. Using an experienced real estate agent from E Z Home Search Real Estate Inc. to help you research a property can 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. Acquiring these facts can help you determine how much to offer.

• Hire an 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 let inexperience hinder the closing process. Put my experience and knowledge to work in your favor.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that most 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 seen by 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 generally non-negotiable when buying a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to have the property inspected 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.