Want to buy a short sale?

Are short sales bargains?

Sometimes. Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and needing to sell their property promptly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on 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 depreciated. In these cases the reduced price may in fact be in line with actual market values, not below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using a qualified real estate agent from Target Cost Realty, LLC to assist you with researching a property can help you make informed decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you determine how much to offer.

• Use a real estate agent with short sale experience. Target Cost Realty, LLC can help expedite the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Let my experience and knowledge work in your favor.

• 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. Be informed that a majority of 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 sale terms. 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 usually not up for negotiation when dealing with a short sale. The lender will sell the property "as is" which means the lender won't 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'm looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.