Short Sale Buyer

	A short sale is when the homeowner's lender consents to accept a reduced sum to release a mortgage. For more information, you can contact me through my site or e-mail me. I'm happy to answer any questions you have regarding real estate short sales.

Are short sales good deals?

Occasionally. Most people hear the term "short sale" and instinctively think of a seller that is insolvent and needs to sell their house fast to avoid 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 with their mortgage, but property values have fallen. In these instances the "bargain" price may in fact be consistent with true market values instead of below.

Are you ready to buy a short sale property?

• Before making any purchase offers, do your research. Using an experienced real estate professional from RE/MAX On Track to assist you with researching a property will help you make educated decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this data can help you determine how much to offer.

• Get an agent with short sale experience. The real estate agents at RE/MAX On Track can aid you in expediting the transaction and make certain you're protected. Don't let inexperience hold up the closing process. Put our knowledge and experience to work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 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 sent 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 normally not up for negotiation when buying a short sale. The lender is selling the property "as is" 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 RE/MAX On Track, when we write an offer, we will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.