Ready to make a deal on a short sale?

Are short sales good deals?

Occasionally. Often times people hear the phrase "short sale" and instinctively think of a seller that is insolvent and must sell their house fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the discounted price may in fact be closer to current market values, not below.

What's involved in buying a short sale?

• Before making any purchase offers, do your homework. Using an experienced real estate agent from Target Cost Realty, LLC to support your research of a property can help you make educated decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you determine how much to offer.

• Get a REALTOR^® with short sale knowledge. Target Cost Realty, LLC can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience 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 usually take longer than a typical real estate transaction. Be aware that many 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 sale terms. It's not uncommon that your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when buying a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Make sure you 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 will be looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.