Looking to make a deal on a short sale?

Are short sales bargains?

From time to time, yes. Often times people hear the term "short sale" and routinely think of a seller that is insolvent and needing to sell their home fast 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. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the "bargain" price may in fact be closer to current market values instead of below.

How do I buy a short sale?

• Always do your research before making any offers. Using a qualified real estate agent from Premier Real Estate Team, Inc to support your research of a property can help you make educated decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting these facts can help you decide 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 ensure that you're protected. Don't permit inexperience to delay the closing process. Put my 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 sale terms. It's not uncommon that your offer will go before 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 normally not up for negotiation when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Premier Real Estate Team, Inc, when I write an offer, I'm looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.