Ready to make a deal on a short sale?

Are they good deals?

Every now and then a good deal will come along. Most people hear the term "short sale" and instinctively think of a seller that is in default and must sell their house promptly 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. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the discounted price may in fact be in line with true 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 agent from Premier Real Estate Team, Inc to support your research of a property can help you make educated 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. Finding this info can help you decide how much to offer.

• Hire a real estate professional with short sale knowledge. Premier Real Estate Team, Inc can help expedite the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Let my experience and knowledge work in your favor.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 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 seen by 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 generally not up for negotiation when dealing with a short sale. The lender will sell the property just the way it is which means the lender isn't going to pay for repairs. Make sure you 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 above all else and will always suggest that you make your offer contingent upon the inspection results.