Want 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 words "short sale" and automatically think of a seller that is in default and needing to sell their property fast to prevent 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 with their mortgage, but property values have depreciated. In these cases the reduced price may in fact be consistent with actual market values rather than below.

How do I buy a short sale?

• Always do your research before making any offers. Using a knowledgeable real estate agent from IREAF, LLC to assist you with researching a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you determine how much to offer.

• Use a real estate professional with short sale experience. IREAF, LLC can help expedite the transaction and ensure that you're protected. Don't permit inexperience to impede the closing process. Put my experience and knowledge to work in your favor.

• 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 informed that many short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. A lot of the time your offer will be seen by a committee to approve, 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 buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At IREAF, LLC, when I write an offer, I'm looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.