Ready to buy a short sale?
Can I get a good deal on a short sale?
Every now and then a good deal will come along. Most people hear the words "short sale" and routinely think of a seller that is in default and needs to sell their home quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the reduced price may in fact be consistent with actual market values instead of below.
How do I buy a short sale?
- Before you make any purchase offers, do your research. Using an experienced REALTOR® from Mickey Hambright to help you research a property can help you make informed decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you decide how much to offer.
Use an agent with short sale knowledge. Mickey Hambright can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work in your favor.
- Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Know that most 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. In most cases your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Mickey Hambright, when I write an offer, I'm looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.