A short sale means the homeowner's lender has agreed to receive a reduced amount to release a mortgage.
For more information, simply contact me through my site or e-mail me. I'm happy to address any questions you have about real estate short sales.
Can I get a bargain on a short sale?
From time to time, yes. Often times people hear the term "short sale" and automatically think of a seller that is in trouble and needing to sell their house quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from 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 these cases 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?
Before you make any purchase offers, do your research. Using a knowledgeable real estate agent from Jamie Hanry to support your research of a property can help you make informed 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. Finding this info can help you decide how much to offer.
Use an agent with short sale expertise. The real estate agents at Jamie Hanry can help expedite the transaction and make certain you're protected. Don't let inexperience delay the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that many short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from 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 for approval which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Jamie Hanry, when we write an offer, we're looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.
When it is time to buy, whether it is a short sale or a typical home sale, Jamie Hanry can help you. Use our experience and knowledge of real estate to be confident that you are getting a fair deal and will be protected during the whole matter.
