Looking to purchase a short sale?
Are short sales bargains?
Occasionally. Many people hear the words "short sale" and automatically think of a seller that is insolvent and must sell their home promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In these instances the discounted price may in fact be consistent with current market values, not below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a knowledgeable REALTOR® from Mickey Hambright to support your research of a property can help you make informed decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you make a decision about how much to offer.
Get an agent with short sale experience. Mickey Hambright can aid you in expediting the transaction and make sure you're protected. Don't let inexperience delay the closing process. Put my experience and knowledge to work in your favor.
- Even in the best of situations and with an experienced real estate agent, 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 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. A lot of the time your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Mickey Hambright, when I write an offer, I will be looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.