Want to buy a short sale?

Can I get a good deal on a short sale?

Sometimes. Often times people hear the term "short sale" and automatically think of a seller that is in default and needing to sell their house quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of 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 fallen. In these instances the reduced price may in fact be consistent with current market values rather than below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using a qualified real estate professional from Target Cost Realty, LLC to support your research of a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you determine how much to offer.

• Use a real estate professional with short sale experience. Target Cost Realty, LLC can assist 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 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 most 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 terms of the sale. In most cases your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when working with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Be sure you 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 above all else and will always recommend that you make your offer contingent upon the inspection results.