Want to purchase a short sale?
Are short sales good deals?
Every now and then a good deal will come along. Often times people hear the phrase "short sale" and instinctively think of a seller that is in default and must sell their property quickly to avoid further financial problems. This is sometimes 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 isn't delinquent with their payments, but property values have declined. In cases such as these the reduced price may in fact be in line with current market values rather than below.
How do I buy a short sale?
- Before making any purchase offers, do your homework. Using a qualified real estate agent from Mickey Hambright to support your research of a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you make a decision about how much to offer.
Use a REALTOR® with short sale expertise. Mickey Hambright can help expedite the transaction and make sure you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge work for you.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. 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 normally not up for negotiation when buying a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Make sure you reserve the right to have the property inspected 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.