Want to buy a short sale?
A short sale happens when the seller’s lender has agreed to collect a reduced payoff to release a mortgage. For more information, just call us 877.987.7653 or e-mail us. We’re happy to address questions you have regarding real estate short sales.
Can I get a bargain on a short sale?
Sometimes. Often times people hear the phrase “short sale” and automatically think of a seller that is in trouble and needing to sell their property promptly to avoid further financial problems. This is at times 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, but property values have depreciated. In cases such as these the “bargain” price may in fact be consistent with current market values instead of below.
How do I buy a short sale?
- Prior to making any purchase offers, do your homework. Using a knowledgeable real estate professional from Dash Realty to support your research of a property will help you make educated decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you determine how much to offer.
- Use a REALTOR® with short sale knowledge. The real estate agents at Dash Realty can aid you in expediting the transaction and make sure you’re protected. Don’t allow inexperience to hold up 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. Be aware 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 discounted price. A lot of the time 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 normally not up for negotiation when dealing with a short sale. The lender will sell the property “as is” which means the lender isn’t going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Dash Realty, when we write an offer, we are looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.
When you’re ready to buy, whether it be a short sale or a typical home sale, Dash Realty is here to help. Utilize our experience and knowledge of real estate to be certain that you are getting a fair deal and protect yourself during the full matter.