Ready to purchase a short sale?

Are short sales good deals?

Sometimes. Often times people hear the term "short sale" and automatically think of a seller that is insolvent and needs to sell their house quickly to prevent further financial problems. This is sometimes 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 isn't delinquent with their payments, but property values have declined. In these cases the "bargain" price may in fact be consistent with current market values, not below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a qualified real estate agent from Target Cost Realty, LLC to help you research a property can help you make educated decisions. We can help find out 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 information can help you determine how much to offer.

• Use a REALTOR^® with short sale knowledge. Target Cost Realty, LLC can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Put my experience and knowledge to work in your favor.

• 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 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 sale terms. Commonly, your offer will be seen by 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 buying a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Target Cost Realty, LLC, when I write an offer, I am looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.