Want to purchase a short sale?
|When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. For more information, you can contact me through my site or e-mail me. I'm happy to address questions you have about real estate short sales.|
Are short sales bargains?Every now and then a good deal will come along. Most people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and must sell their home promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the "bargain" price may in fact be consistent with true market values instead of below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using a knowledgeable real estate professional from GLOBAL SERVICES REALTY LLC. GLOBAL SOLUTION & SERVICES LLC to assist you with researching a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you determine how much to offer.
Use a REALTOR® with short sale knowledge. The real estate agents at GLOBAL SERVICES REALTY LLC. GLOBAL SOLUTION & SERVICES LLC can help expedite the transaction and ensure that you're protected. Don't permit inexperience to slow down the closing process. Put our experience and knowledge to work in your favor.
- Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that most 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 discounted price. A lot of the time your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when dealing with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At GLOBAL SERVICES REALTY LLC. GLOBAL SOLUTION & SERVICES LLC, when I write an offer, I'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.