Looking to purchase a short sale?
Can I get a good deal on a short sale?
Sometimes. Often times people hear the words "short sale" and automatically think of a seller that is insolvent and must sell their property promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the "bargain" price may in fact be in line with actual market values rather than 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 McElroy & Associates to help you research a property will help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you decide how much to offer.
Get a real estate professional with short sale expertise. McElroy & Associates can help expedite the transaction and make certain you're protected. Don't allow inexperience to hold up the closing process. Let my experience and knowledge work in your favor.
- 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 many short sales will not close in the customary 30 days or less. 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 be sent to 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 generally non-negotiable when buying 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 McElroy & Associates, when I write an offer, I'm looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.