Ready to buy a short sale?

Can I get a bargain on a short sale?

Sometimes. Many people hear the term "short sale" and automatically think of a seller that is in default and needs to sell their house promptly to avoid 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 with their mortgage, but property values have declined. In these instances the reduced price may in fact be consistent with true market values rather than below.

Are you ready to buy a short sale property?

• Prior to making any purchase offers, do your research. Using an experienced real estate agent from E Z Home Search Real Estate Inc. to help you research a property will help you make educated 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. Finding this info can help you determine how much to offer.

• Get a real estate professional with short sale knowledge. E Z Home Search Real Estate Inc. can help expedite the transaction and make sure you're protected. Don't let inexperience hold up the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when dealing with a short sale. The lender is selling the property just the way it is 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 will be looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.