Want to buy a short sale?

Are short sales good deals?

From time to time, yes. Most people hear the term "short sale" and routinely think of a seller that is in default and needs to sell their house quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the reduced price may in fact be in line with current market values rather than below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using an experienced real estate agent from Issac W. Harper Real Estate Broker/Realtor© to help you research a property can help you make informed decisions. We can help find out 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 make a decision about how much to offer.

• Hire a REALTOR^® with short sale experience. Issac W. Harper Real Estate Broker/Realtor© can aid you in expediting the transaction and make sure you're protected. Don't let inexperience delay 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 a majority of 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 terms of the sale. In most cases your offer will be seen by a committee to approve, 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 buying a short sale. The lender will sell 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 will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.