Want to make a deal on a short sale?

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Many people hear the phrase "short sale" and automatically think of a seller that is in trouble and must sell their house quickly to avoid further financial problems. This is at times 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 depreciated. In these cases the discounted price may in fact be in line 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 an experienced REALTOR^® from Issac W. Harper Real Estate Broker/Realtor© to support your research of a property will help you make knowledgeable 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. Obtaining this data can help you make a decision about how much to offer.

• Use a real estate agent with short sale knowledge. Issac W. Harper Real Estate Broker/Realtor© can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to hold up 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. Be informed that a majority of short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Issac W. Harper Real Estate Broker/Realtor©, when I write an offer, I am looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.