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Ready to buy a short sale?

Can I get a good deal on a short sale?

The short answer is "sometimes". Most people hear the words "short sale" and routinely think of a seller that is in financial trouble and needing to sell their property quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the discounted price may in fact be consistent with true market values rather than below.

How do I buy a short sale?

• Before you make any purchase offers, do your homework. Using a qualified real estate professional from Smart Partners Realty to assist you with researching a property can help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you make a decision about how much to offer.

• Use an agent with short sale expertise. Smart Partners Realty can help expedite the transaction and make sure you're protected. Don't allow inexperience to hinder 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. Be informed that a majority of 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 sale terms. In most cases your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when working with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Smart Partners Realty, when I write an offer, I will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the inspection results.