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Looking to buy a short sale?
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When a homeowner owes more on their house than its value, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's due. |
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Are short sales good deals?Every now and then a good deal will come along. Often times people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needing to sell their home promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the discounted price may in fact be in line with current market values instead of below.
How do I buy a short sale?
- Click here to Search Short Sales
- Always do your homework before making any offers. Using a qualified REALTOR® from Heritage Success Realty to help you research a property will help you make informed 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 information can help you decide how much to offer.
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Use a REALTOR® with short sale knowledge. The real estate agents at Heritage Success Realty can help expedite the transaction and make certain you're protected. Don't permit inexperience to slow down the closing process. Put our knowledge and experience to work for you.
- 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 a majority of 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. Commonly, 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 typically not negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Heritage Success Realty, when we write an offer, we are looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.
When it's time to buy, whether it is a short sale or a typical home sale, Heritage Success Realty is here to help. Apply our experience and knowledge of real estate to be certain you're getting a fair deal and protect yourself during the full transaction.
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