Want to buy a short sale?
|A short sale happens when the homeowner's lender consents to get a reduced sum to release a mortgage. For more information, you can contact me through my site or e-mail me. I'm happy to answer questions you have regarding real estate short sales.|
Can I get a good deal on a short sale?Occasionally. Many people hear the words "short sale" and automatically think of a seller that is in trouble and must sell their property promptly to avoid further financial problems. This is at times 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 cases such as these the "bargain" price may in fact be in line with true market values rather than below.
How do I buy a short sale?
- Always do your homework before making any offers. Using a knowledgeable real estate professional from Rene Vellinga, GRI - RE/MAX Alliance to help you research a property will help you make educated decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you make a decision about how much to offer.
Get a REALTOR® with short sale expertise. The real estate agents at Rene Vellinga, GRI - RE/MAX Alliance can help expedite the transaction and ensure that you're protected. Don't let inexperience delay the closing process. Let our experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. 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 seen by 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 usually not negotiable when buying a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Rene Vellinga, GRI - RE/MAX Alliance, when we write an offer, we will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.