Want to make a deal on a short sale?
|If a homeowner is upside down on their mortgage payments, it's very common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed. Should you have questions regarding short sale real estate in Northern Virginia, contact me here or e-mail me.|
Can I get a good deal on a short sale?Sometimes. Often times people hear the term "short sale" and instinctively think of a seller that is in trouble and needs to sell their property 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. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In cases such as these the reduced price may in fact be in line with current market values rather than below.
How do I buy a short sale?
- Prior to making any purchase offers, do your homework. Using a qualified real estate agent from Take 2 Real Estate to support your research of a property can help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you determine how much to offer.
Hire a REALTOR® with short sale knowledge. Paul Thistle at Take 2 Real Estate can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to slow down 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 probably take longer than a typical real estate transaction. Be informed that most short sales will not close in the customary 30-45 days. Remember that you're not only having to satisfy the seller, but their lender must also agree to the terms of the sale. Many times, your offer will be presented to a committee for approval which will add time - sometimes 3-8 weeks.
- Home warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Take 2 Real Estate, 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.