Looking to purchase a short sale?

Are short sales bargains?

From time to time, yes. Often times people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needs to sell their home promptly to prevent further financial problems. This is occasionally 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 these instances the reduced price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

• Prior to making any purchase offers, do your homework. Using a knowledgeable real estate agent from E Z Home Search Real Estate Inc. to assist you with researching a property can help you make informed decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you determine how much to offer.

• Get an agent with short sale expertise. E Z Home Search Real Estate Inc. can help expedite the transaction and make sure you're protected. Don't let inexperience slow down the closing process. Let my experience and knowledge 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 aware that most short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. Commonly, your offer will go before 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 generally not up for negotiation when dealing with a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Make 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 will always recommend that you make your offer contingent upon the results of the inspections.