Looking to buy a short sale?
|A short sale means the homeowner's lender agrees to receive a reduced payoff to release a mortgage. For more information, simply contact me through my site or e-mail me. I'm happy to address any questions you have regarding real estate short sales.|
Can I get a bargain on a short sale?Occasionally. Often times people hear the term "short sale" and instinctively think of a seller that is insolvent and needs to sell their home 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. 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 these cases the discounted price may in fact be closer to current market values rather than below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using a qualified REALTOR® from Charles Rutenberg Realty LLC to assist you with researching a property will help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you make a decision about how much to offer.
Hire an agent with short sale knowledge. The real estate agents at Charles Rutenberg Realty LLC can help expedite the transaction and make certain you're protected. Don't permit inexperience to delay the closing process. Let our experience and knowledge work in your favor.
- 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 most short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. Commonly, your offer will go before a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing 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. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Charles Rutenberg Realty LLC, when we write an offer, we will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.