Looking to make a deal on a short sale?

Are they good deals?

Every now and then a good deal will come along. Often times people hear the term "short sale" and instinctively think of a seller that is in trouble and must sell their home promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from 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 depreciated. In these cases the discounted price may in fact be closer to actual market values rather than below.

How do I buy a short sale?

• Always do your research before making any offers. Using a qualified real estate agent from Issac W. Harper Real Estate Broker/Realtor© to help you research a property can help you make educated decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you make a decision about how much to offer.

• Get a real estate agent with short sale expertise. Issac W. Harper Real Estate Broker/Realtor© can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to impede the closing process. Put my knowledge and experience to work for you.

• Even with an experienced real estate agent and under the best of situations, 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 less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be sent to 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 normally not negotiable when buying a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected 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 will always suggest that you make your offer contingent upon the outcome of the inspections.