Ready to buy a short sale?

	When a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed. For more information, you can contact me through my site or e-mail me. I'm glad to answer questions you have regarding real estate short sales.

Can I get a bargain on a short sale?

The short answer is "sometimes". Most people hear the term "short sale" and automatically think of a seller that is insolvent and must sell their home quickly to avert further financial problems.

This is sometimes the case, and can be an opportunity for a buyer to get a good deal, but many times the seller has been through some sort of hardship.  It could be a job-loss, a divorce, or a relocation and their house is now worth less than what the mortgage is because of declining market values.  In this case you not only need to get the sellers agreement, but also their lenders to agree to sell the property "short" of what is left on the mortgage.

Are you ready to buy a short sale property?

• Prior to making any purchase offers, do your research. Using a knowledgeable real estate professional to support your research of a property can help you make informed decisions.
• Get an agent with short sale knowledge. I can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to hold up the closing process. Put our experience and knowledge to work in your favor.
• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that many short sales will not close in the customary 60 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. It's not uncommon that your offer will be seen by a committee for approval which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when buying a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. When we write an offer, we are looking out for your interests above all else and will always advise you to make your offer contingent upon the inspection results.

When you are ready to buy, whether it is a short sale or a typical home sale, we can help you. Utilize our experience and knowledge of real estate to be confident that you are getting a fair deal and remain protected during the complete matter.

Give me a call: 603-305-1922 if you have questions or need help.

Thank you,