A short sale is when the homeowner's lender consents to get a reduced sum to release a mortgage.
For more information, simply contact me through my site or e-mail me. I'm glad to address any questions you have regarding real estate short sales.
Are short sales bargains?
Occasionally. Most people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the discounted price may in fact be in line with true market values, not below.
What's involved in buying a short sale?
Always do your homework before making any offers. Using a qualified real estate agent from Long & Foster Realtors to assist you with researching a property can 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. Getting this data can help you determine how much to offer.
Hire a real estate professional with short sale knowledge. The real estate agents at Long & Foster Realtors can help expedite the transaction and make sure you're protected. Don't let inexperience hold up the closing process. Let our experience and knowledge work for you.
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 informed that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will go before a committee for approval which will add time - sometimes even 2 to 3 months.
Home protection warranties, 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 just the way it is which means the lender will not be paying for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Long & Foster Realtors, when we write an offer, we are looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.
When you are ready to buy, whether it's a short sale or a typical home sale, Long & Foster Realtors can help you. Use our experience and knowledge of real estate to feel confident you are getting a fair deal and protect yourself during the complete purchase transaction.
