Looking to purchase a short sale?
|When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, you can contact me through my site or e-mail me. I'm glad to address questions you have regarding real estate short sales.|
Can I get a bargain on a short sale?The short answer is "sometimes". Many people hear the words "short sale" and routinely think of a seller that is in trouble and must sell their house fast 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. On the other hand, 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 discounted price may in fact be in line with actual market values rather than below.
Are you ready to buy a short sale property?
- Before making any purchase offers, do your research. Using a knowledgeable real estate professional from Ben & Marie Lane, Two Lanes Real Estate to help you research a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you make a decision about how much to offer.
Get a REALTOR® with short sale experience. The real estate agents at Ben & Marie Lane, Two Lanes Real Estate can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to impede 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 usually take longer than a typical real estate transaction. Know that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be presented to a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when working with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Ben & Marie Lane, Two Lanes Real Estate, when we write an offer, we are looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.