Ready to purchase a short sale?

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and needing to sell their house fast to avert further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced price may in fact be closer to actual market values, not below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a knowledgeable real estate professional from Target Cost Realty, LLC to help you research a property can help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you decide how much to offer.

• Use a real estate agent with short sale expertise. Target Cost Realty, LLC can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to impede the closing process. Put my knowledge and experience to work for you.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Target Cost Realty, LLC, when I write an offer, I will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.