Want to make a deal on a short sale?
If a homeowner owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. For more information, simply contact us through our site or e-mail us. We're happy to address questions you have regarding real estate short sales.
Are they good deals?
Every now and then a good deal will come along. Often times people hear the words "short sale" and routinely think of a seller that is in default and needs to sell their home fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most 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 in line with true market values instead of below.
What's involved in buying a short sale?
- Before you make any purchase offers, do your research. Using a knowledgeable real estate professional from Diane Babyak to help you research a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this information can help you make a decision about how much to offer.
Get a real estate agent with short sale knowledge. The real estate agents at Diane Babyak can help expedite the transaction and ensure that you're protected. Don't permit inexperience to delay 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 many short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are normally not negotiable when dealing with a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Diane Babyak, 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 outcome of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, Diane Babyak is available for you. Use our experience and knowledge of real estate to be certain you're getting a fair deal and will be protected during the full deal.