Short Sale Buyer
Ready to make a deal on a short sale?
If a seller owes more on their house than its value, it’s becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for the mortgage for a sum less than what’s owed. Should you have any questions about real estate in the Shore or mainland communities that we cover, contact me here or email me at petepetridis@comcast.net.
Can I get a good deal on a short sale?
Sometimes. Often times people hear the term “short sale” and routinely think of a seller that is in trouble and must sell their house promptly to avert 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 isn’t delinquent with their payments, but property values have declined. In cases such as these the reduced price may in fact be closer to current market values rather than below.
What’s involved in buying a short sale?
- Always do your research before making any offers. Using a knowledgeable real estate professional from Coldwell Banker At The Shore to support your research of a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you decide how much to offer.
- Get a real estate agent with short sale experience. The real estate agents at Coldwell Banker At The Shore can assist you in expediting the transaction and make sure you’re protected. Don’t let inexperience delay the closing process. Put our knowledge and experience to work for you.
- 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. Be aware that many short sales will not close in the customary 30 days or less. Remember that you’re not only getting approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to a committee to approve or disapprove which will add time – sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when dealing with 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 inspections for pests, HVAC, electrical, and other critical areas. At Coldwell Banker At The Shore, when we write an offer, we’re looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.
When it’s time to buy, whether it is a short sale or a typical home sale, Coldwell Banker At The Shore is available for you. Utilize our experience and knowledge of real estate to be confident you are getting a fair deal and protect yourself during the whole deal.
