Want to purchase a short sale?
Can I get a good deal on a short sale?
Occasionally. Most people hear the term "short sale" and routinely think of a seller that is in trouble and must sell their house fast to prevent further financial problems. This is sometimes 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 reduced price may in fact be consistent with current market values rather than below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using a knowledgeable real estate professional from Mickey Hambright to support your research of a property will help you make educated 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. Acquiring these facts can help you decide how much to offer.
Get a real estate professional with short sale expertise. Mickey Hambright can help expedite the transaction and make certain you're protected. Don't permit inexperience to slow down the closing process. Put my experience and knowledge to work in your favor.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Know 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. In most cases your offer will be presented to 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 typically not negotiable when dealing with a short sale. The lender will be 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 foremost and will always advise you to make your offer contingent upon the outcome of the inspections.