Looking to buy a short sale?

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Most people hear the words "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the "bargain" price may in fact be consistent with current market values rather than below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a knowledgeable real estate professional from Target Cost Realty, LLC to assist you with researching a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this information can help you decide how much to offer.

• Get a REALTOR^® with short sale experience. Target Cost Realty, LLC can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up 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. Know that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be presented 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 typically not up for negotiation when working with a short sale. The lender is selling the property as seen 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'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.