Ready to make a deal on a short sale?

If a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed.

Purchasing a short sale in Austin, Texas on your own is risky. Contact Issac W. Harper Real Estate Broker/Realtor© for expert advice.

Are short sales good deals?

The short answer is "sometimes". Most people hear the phrase "short sale" and routinely think of a seller that is in default and must sell their home fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be closer to actual market values rather than below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using an experienced REALTOR® from Issac W. Harper Real Estate Broker/Realtor© to support your research of a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you decide how much to offer.
  • Get a REALTOR® with short sale expertise. Issac W. Harper Real Estate Broker/Realtor© can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Know that many 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 be seen by 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 typically non-negotiable when dealing 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 perform inspections for pests, HVAC, electrical, and other critical areas. At Issac W. Harper Real Estate Broker/Realtor©, when I write an offer, I will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.
When it is time to buy, whether it's a short sale or a typical home sale, Issac W. Harper Real Estate Broker/Realtor© is here to help. Apply my experience and knowledge of real estate to feel confident that you are getting a fair deal and protect yourself during the complete purchase transaction.

Issac W. Harper Real Estate Broker/Realtor©

P.O. Box 143683
Austin, TX 78714-3683