Looking to make a deal on a short sale?

Are they good deals?

Every now and then a good deal will come along. Most people hear the term "short sale" and instinctively think of a seller that is in default and needs to 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. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the discounted price may in fact be in line with true market values rather than below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using a knowledgeable real estate professional from E Z Home Search Real Estate Inc. to help you research a property can help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you decide how much to offer.

• Get a real estate agent with short sale experience. E Z Home Search Real Estate Inc. can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to slow down the closing process. Let my experience and knowledge work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually 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. Commonly, your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when working with a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Be 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 am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.