Looking to buy a short sale?

Are short sales bargains?

From time to time, yes. Many people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and must sell their property fast to avoid further financial problems. This is occasionally 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 declined. In cases such as these the discounted price may in fact be in line with actual market values rather than below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using an experienced real estate professional from Issac W. Harper Real Estate Broker/Realtor© to support your research of a property can help you make informed decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you make a decision about how much to offer.

• Hire a real estate professional with short sale expertise. Issac W. Harper Real Estate Broker/Realtor© can help expedite the transaction and ensure that you're protected. Don't permit inexperience to impede the closing process. Let my 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. Know that most short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. Commonly, 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 generally non-negotiable when working with a short sale. The lender is selling the property just the way it is 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 am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.