Ready to buy a short sale?

Are short sales bargains?

Occasionally. Often times people hear the phrase "short sale" and instinctively think of a seller that is in default and needing to sell their home quickly to avoid further financial problems. This is sometimes 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 is current, but property values have depreciated. In cases such as these the "bargain" price may in fact be consistent with true market values instead of below.

How do I buy a short sale?

• Always do your research before making any offers. Using an experienced REALTOR^® from Target Cost Realty, LLC to support your research of a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you make a decision about how much to offer.

• Get a real estate professional with short sale expertise. Target Cost Realty, LLC can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that many short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Be sure you reserve the right to perform 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 first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.