When a lender and a seller agree to release a mortgage for an amount less than what’s owed on the property, it’s called a short sale. For more information, just contact us through our site or e-mail us. We are happy to address questions you have regarding real estate short sales.
Can I get a bargain on a short sale?
The short answer is “sometimes”. Often times people hear the words “short sale” and automatically think of a seller that is in financial trouble and needing to sell their property fast to avert further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another’s misfortune. Alternatively, a lender may consider a short sale even if the seller isn’t delinquent with their payments, but property values have declined. In cases such as these the discounted price may in fact be consistent with true market values rather than below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using an experienced real estate agent from Chasewood Realty to support your research of 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. Getting this information can help you decide how much to offer.
- Use a REALTOR® with short sale knowledge. The real estate agents at Chasewood Realty can help expedite the transaction and make sure you’re protected. Don’t let inexperience impede the closing process. Let our experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in 30 days or less. 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 an investor to approve or disapprove which will add time – sometimes even 6 to 9 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Chasewood Realty. when we write an offer, we are looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
If you’re ready to buy, whether it be a short sale or a typical home sale, Chasewood Realty can help you. Use our experience and knowledge of real estate to make sure that you’re getting a fair deal and will be protected during the full transaction.
