Thinking of buying a short sale?

Want to make a deal on a short sale?
When a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what’s owed.

Can I get a bargain on a short sale?

Sometimes. Most people hear the words “short sale” and routinely think of a seller that is in trouble and needs to sell their property promptly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another’s misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In cases such as these the “bargain” price may in fact be consistent with actual market values rather than below.

Are you ready to buy a short sale property?

Prior to making any purchase offers, do your homework. Using an experienced real estate agent from Parade of Homes Inc to support your research of a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you decide how much to offer. Hire a real estate agent with short sale experience. The real estate agents at Parade of Homes Inc can help expedite the transaction and make certain you’re protected. Don’t allow 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 circumstances, buying a short sale property will generally 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 discounted price. In most cases your offer will be seen by 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 normally non-negotiable when dealing with a short sale. The lender will sell the property “as is” which means the lender isn’t going to pay for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Parade of Homes Inc, when we write an offer, we’re looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections. When you’re ready to buy, whether it’s a short sale or a typical home sale, Parade of Homes Inc can help. Use our experience and knowledge of real estate to make sure that you’re getting a fair deal and will be protected during the whole process.

You can find this article and similar ones at my website www.bigdaddyguru.info

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About Big Daddy Guru

Real estate broker in Bartlett and the Chicago metro area. I've been helping people to buy and sell homes just like yours for over 30 years.
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