Ready to make a deal on a short sale?
|If a seller owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. For more information, simply contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales.|
Can I get a bargain on a short sale?From time to time, yes. Many people hear the term "short sale" and instinctively think of a seller that is in trouble and needs to sell their home promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the discounted price may in fact be closer to current market values rather than below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a SHORT SALE PROFESSIONAL like Marilyn Allen to help you research a property will help you make educated decisions. She 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. Having this data can help you decide how much to offer.
Get an agent with short sale knowledge. Marilyn Allen at ReMax Unlimited @ Cherry Creek Reservoir can help expedite the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Let her experience and knowledge work for you. Be sure you're working with a Certified Distressed Property Expert (CDPE) like Marilyn. Her many hours of rigorous training mean a better chance of success for your short sale, or even better, keeping your home.
- 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 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. Commonly, 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 is selling the property "as 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. When Marilyn writes an offer, she will be looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.