Want to purchase a short sale?

Are they good deals?

Sometimes. Many people hear the words "short sale" and instinctively think of a seller that is insolvent and needing to sell their house fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, 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 discounted price may in fact be closer to actual market values rather than below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using an experienced REALTOR^® from Wendy Thomas, Allen Tate Realtors to support your research of a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you make a decision about how much to offer.

• Get a REALTOR^® with short sale experience. Wendy Thomas, Allen Tate Realtors can help expedite the transaction and ensure that you're protected. Don't allow inexperience to impede 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 a majority of 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. Commonly, your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when buying a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Wendy Thomas, Allen Tate Realtors, when I write an offer, I'm looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.