Want to buy a short sale?

Can I get a good deal on a short sale?

From time to time, yes. Most people hear the words "short sale" and routinely think of a seller that is insolvent and needing to sell their house quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on 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 these instances the reduced price may in fact be consistent with actual market values instead of 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 Premier Real Estate Team, Inc to assist you with researching a property will help you make informed 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. Having this information can help you make a decision about how much to offer.

• Get a real estate agent with short sale expertise. Premier Real Estate Team, Inc can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Put my knowledge and experience to work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. Commonly, your offer will be presented to 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 typically non-negotiable when working with a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Premier Real Estate Team, Inc, 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.