Want to make a deal on a short sale?

Are short sales bargains?

Sometimes. Often times people hear the words "short sale" and automatically think of a seller that is insolvent and must sell their house fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage 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 consistent with actual market values instead of below.

How do I buy a short sale?

• Before you make any purchase offers, do your research. Using a knowledgeable REALTOR^® from E Z Home Search Real Estate Inc. to help you research a property will 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. Locating this data can help you make a decision about how much to offer.

• Get a REALTOR^® with short sale expertise. E Z Home Search Real Estate Inc. can assist you in expediting the transaction and make certain you're protected. Don't let inexperience 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. Be informed that many 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 be presented 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 generally non-negotiable when buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying 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'm looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.