Ready to buy a short sale?

Are they good deals?

Sometimes. Many people hear the words "short sale" and automatically think of a seller that is insolvent and must sell their property fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from 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 cases the reduced price may in fact be in line with true market values, not below.

How do I buy a short sale?

• Always do your research before making any offers. Using a knowledgeable REALTOR^® from REALiTEAM Real Estate Group to assist you with researching 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. Obtaining this data can help you determine how much to offer.

• Get a real estate agent with short sale experience. The real estate agents at REALiTEAM Real Estate Group can help expedite the transaction and make sure you're protected. Don't allow inexperience to slow down the closing process. Put our knowledge and experience to work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that many short sales will not close in the customary 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. Commonly, your offer will be seen by 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 not negotiable when dealing with a short sale. The lender will sell 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 REALiTEAM Real Estate Group, when we write an offer, we're looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.