A short sale means the homeowner's lender consents to get a reduced payoff to release a mortgage.
For more information, just contact me through my site or e-mail me. I'm happy to address questions you have regarding real estate short sales.
Are short sales bargains?
Occasionally. Most people hear the phrase "short sale" and routinely think of a seller that is in trouble and needs to sell their house promptly to avert 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 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 current 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 Divine Realty to help you research a property can help you make informed 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. Obtaining this info can help you decide how much to offer.
Get a real estate professional with short sale experience. The real estate agents at Divine Realty can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience hold up the closing process. Put our knowledge and experience to work for you.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Know that a majority of short sales will not close in 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. A lot of the time your offer will go before a committee for approval which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Divine Realty, when we write an offer, we're looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.
When it's time to buy, whether it be a short sale or a typical home sale, Divine Realty can help. Use our experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the entire process.
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