A short sale means the seller's lender agrees to receive a reduced payoff to release a mortgage.
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Can I get a bargain on a short sale?
From time to time, yes. Many people hear the words "short sale" and instinctively think of a seller that is in default and must sell their home quickly 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. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the "bargain" price may in fact be consistent with actual market values, not below.
What's involved in buying a short sale?
Before you make any purchase offers, do your research. Using an experienced real estate professional from Coriano Realty, LLC to support your research of a property will help you make educated 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. Locating this data can help you determine how much to offer.
Use an agent with short sale expertise. The real estate agents at Coriano Realty, LLC can help expedite the transaction and ensure that you're protected. Don't let inexperience hinder 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 generally take longer than a typical real estate transaction. Know that most 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 terms of the sale. A lot of the time your offer will go before a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Coriano Realty, LLC, when we write an offer, we will be looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.
When you're ready to buy, whether it's a short sale or a typical home sale, Coriano Realty, LLC can help you. Use our experience and knowledge of real estate to be confident that you're getting a fair deal and remain protected during the entire matter.
