Want to buy a short sale?
Can I get a bargain on a short sale?
From time to time, yes. Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and must sell their property 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. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the discounted price may in fact be consistent with current market values instead of below.
Are you ready to buy a short sale property?
- Before you make any purchase offers, do your research. Using an experienced real estate agent from Mickey Hambright to help you research 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. Finding these facts can help you make a decision about how much to offer.
Hire a REALTOR® with short sale expertise. Mickey Hambright can assist you in expediting the transaction and make certain you're protected. Don't let inexperience hold up 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 generally take longer than a typical real estate transaction. Be aware that most short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be sent to 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 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. Be sure you reserve the right to perform 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 foremost and will always suggest that you make your offer contingent upon the inspection results.