Want to purchase a short sale?

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and routinely think of a seller that is in trouble and needing to sell their home fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the reduced price may in fact be closer to current market values, not below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using an experienced real estate professional from Target Cost Realty, LLC to assist you with researching a property can help you make informed decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you decide how much to offer.

• Use a real estate professional with short sale knowledge. Target Cost Realty, LLC can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to hinder 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 probably take longer than a typical real estate transaction. Know that many short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Always 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'm looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.