Looking to purchase a short sale?
Are short sales good deals?
Every now and then a good deal will come along. Most people hear the phrase "short sale" and automatically think of a seller that is in trouble and needs to sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the discounted price may in fact be consistent with actual market values rather than below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using an experienced REALTOR® from Mickey Hambright to assist you with researching a property can help you make knowledgeable 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. Obtaining this information can help you determine how much to offer.
Use an agent with short sale knowledge. The real estate agents at Mickey Hambright can help expedite the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Let our experience and knowledge work for you.
- 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. Be aware that many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. 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 typically not negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Mickey Hambright, when we write an offer, we're looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.