Looking to purchase a short sale?

Are short sales good deals?

From time to time, yes. Many people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needs to sell their house quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the reduced price may in fact be closer to true market values rather than below.

How do I buy a short sale?

• Before making any purchase offers, do your homework. Using a knowledgeable real estate professional from E Z Home Search Real Estate Inc. to help you research a property can help you make educated decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you decide how much to offer.

• Hire a real estate professional 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 delay the closing process. Let my experience and knowledge work in your favor.

• 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 a majority of short sales will not close in less than 30 days. 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 be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are usually not 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. Always 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 foremost and will always advise you to make your offer contingent upon the results of the inspections.