Can I get a good deal on a short sale?
From time to time, yes. Many people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needs to sell their property fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on 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 fallen. In these cases the "bargain" price may in fact be consistent with true market values instead of below.
How do I buy a short sale?
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Prior to making any purchase offers, do your research. Using a knowledgeable REALTOR® from Masonboro Realty, Inc. to assist you with researching a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you determine how much to offer.
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Hire a real estate professional with short sale expertise. The real estate agents at Masonboro Realty, Inc. can help expedite the transaction and ensure that you're protected. Don't let inexperience impede the closing process. Let our experience and knowledge work in your favor.
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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 informed 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. It's not uncommon that your offer will be sent to a committee for approval which will add time - sometimes even 2 to 3 months.
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Home warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Masonboro Realty, Inc., 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 results of the inspections.
When you are ready to buy, whether it is a short sale or a typical home sale, Masonboro Realty, Inc. is here to help. Apply our experience and knowledge of real estate to be confident that you're getting a fair deal and will be protected during the entire purchase transaction.
