Looking to make a deal on a short sale?

Are they good deals?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needing to 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. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the "bargain" 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 a qualified real estate professional from Target Cost Realty, LLC to assist you with researching a property can help you make informed 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. Acquiring this information can help you determine how much to offer.

• Use an agent with short sale experience. Target Cost Realty, LLC can aid you in expediting the transaction and make certain you're protected. Don't permit 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. Be aware that many short sales will not close in the customary 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 discounted price. Commonly, your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home 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 just the way it is which means the lender isn't going to pay 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'm looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.