Want to buy a short sale?

Are they good deals?

Occasionally. Often times people hear the phrase "short sale" and routinely think of a seller that is in trouble and must sell their property promptly to avoid further financial problems. This is occasionally 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 with their mortgage, but property values have fallen. In these cases the "bargain" price may in fact be in line with true market values instead of below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using an experienced real estate professional from Target Cost Realty, LLC to help you research a property can help you make educated decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you determine how much to offer.

• Get an 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 hold up the closing process. Let my 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 aware that many short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be sent to 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 generally not up for negotiation when dealing with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Be sure to reserve the right to have the property inspected 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 suggest that you make your offer contingent upon the inspection results.