A short sale happens when the homeowner's lender agrees to accept a reduced payoff to release a mortgage.
Can I get a good deal on a short sale?
The short answer is "sometimes". Most people hear the words "short sale" and routinely think of a seller that is in trouble and needs to sell their house promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In cases such as these the discounted price may in fact be closer to current market values instead of below.
Are you ready to buy a short sale property?
Always do your homework before making any offers. Using a knowledgeable real estate professional from Sue Peppler,Steven ONeill Realtor Team to support your research of a property will help you make informed 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. Finding these facts can help you decide how much to offer.
Get a REALTOR® with short sale knowledge. The real estate agents at Sue Peppler,Steven ONeill Realtor Team can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to delay the closing process. Put our knowledge and experience to work for you.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Know 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. It's not uncommon that your offer will be presented 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 typically non-negotiable when working with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Sue Peppler,Steven ONeill Realtor Team, when we write an offer, we will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it be a short sale or a typical home sale, Sue Peppler,Steven ONeill Realtor Team can help you. Use our experience and knowledge of real estate to be certain that you are getting a fair deal and remain protected during the entire purchase transaction.
