Are short sales bargains?
Every now and then a good deal will come along. Many people hear the phrase "short sale" and instinctively think of a seller that is insolvent and must sell their property fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the reduced price may in fact be in line with actual market values instead of below.
Are you ready to buy a short sale property?
Always do your research before making any offers. Using an experienced real estate professional from Prudential Douglas Elliman Real Estate to assist you with researching 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. Having this information can help you determine how much to offer.
Get a real estate professional with short sale knowledge.
The real estate agents at Prudential Douglas Elliman Real Estate can help expedite the transaction and ensure that you're protected. Don't allow inexperience to slow down the closing process. Let our 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 generally 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 getting approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to a committee to approve which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when buying a short sale. The lender is selling the property "as is" 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 Prudential Douglas Elliman Real Estate, when we write an offer, we're looking out for your interests above all else and will always recommend 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, Prudential Douglas Elliman Real Estate can help you. Utilize our experience and knowledge of real estate to be certain you're getting a fair deal and are protected during the full purchase transaction.
