Looking to buy a short sale?
|A short sale means the seller's lender consents to collect a reduced payoff to release a mortgage. For more information, simply contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales.|
Are short sales bargains?The short answer is "sometimes". Many people hear the words "short sale" and routinely think of a seller that is insolvent and needs to sell their property quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the discounted price may in fact be consistent with current market values rather than below.
Are you ready to buy a short sale property?
- Before you make any purchase offers, do your research. Using a qualified real estate professional from MoveDowntownColumbus.com to help you research a property will help you make knowledgeable decisions. We can help find out 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 determine how much to offer.
Hire a real estate professional with short sale knowledge. The real estate agents at MoveDowntownColumbus.com can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Let our experience and knowledge work for you.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that most 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 sale terms. A lot of the time your offer will be seen by a committee to approve which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when buying a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At MoveDowntownColumbus.com, when we write an offer, we are looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.