Looking to make a deal on a short sale?
|A short sale means the seller's lender consents to collect a reduced payment to release a mortgage. For more information, just contact me through my site or e-mail me. I'm happy to answer any questions you have regarding real estate short sales.|
Are short sales good deals?From time to time, yes. Most people hear the term "short sale" and instinctively think of a seller that is in financial trouble and must sell their property quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the reduced price may in fact be consistent with true market values instead of below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a knowledgeable real estate agent from Investor Friendly Property Manaqgement & Realty Services Inc. to help you research a property can help you make informed decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you determine how much to offer.
Get a real estate agent with short sale expertise. The real estate agents at Investor Friendly Property Manaqgement & Realty Services Inc. can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down 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 generally take longer than a typical real estate transaction. Be aware that most short sales will not close in 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. A lot of the time your offer will be sent to 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 usually non-negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender isn't going to pay for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Investor Friendly Property Manaqgement & Realty Services Inc., when we write an offer, we are looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.