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Are short sales good deals?
Occasionally. Often times people hear the term "short sale" and routinely think of a seller that is in trouble and needing to sell their house quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the discounted price may in fact be closer to current market values instead of below.
What's involved in buying a short sale?
• Always do your homework before making any offers. Using an experienced REALTOR® to support your research of a property will help you make knowledgeable decisions. I can help learn 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 an agent with short sale experience. I can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to hold up the closing process. Put my 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 generally take longer than a typical real estate transaction. Be informed that many 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 terms of the sale. In most cases 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 typically not up for negotiation when dealing with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. When I write an offer, I am looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.
Ken Baittinger: 3732 N. Croatan Hwy Kitty Hawk, NC 27949-9208
Phone: 252-305-5255 Fax: 252-255-1226 E-mail: firstname.lastname@example.org
Copyright © 2017 KEN BAITTINGER, REALTOR
All rate, payment, and area information are estimates and approximations only.