A short sale is when the seller's lender agrees to collect a reduced sum to release a mortgage.
For more information, just contact me through my site or e-mail me. I'm happy to answer questions you have about real estate short sales.
Can I get a good deal on a short sale?
From time to time, yes. Often times people hear the phrase "short sale" and routinely think of a seller that is in trouble and needing to sell their home quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the discounted price may in fact be in line with true market values, not 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 Willis Real Estate Group to assist you with researching a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you determine how much to offer.
Get an agent with short sale experience. The real estate agents at Willis Real Estate Group can help expedite the transaction and ensure that you're protected. Don't permit inexperience to slow down the closing process. Let our 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 usually take longer than a typical real estate transaction. Know that a majority of short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be sent to a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Willis Real Estate Group, when we write an offer, we are looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it's a short sale or a typical home sale, Willis Real Estate Group can help. Use our experience and knowledge of real estate to make sure that you're getting a fair deal and protect yourself during the entire deal.
