Ready to buy a short sale?

Are short sales bargains?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and routinely think of a seller that is in trouble and must sell their house quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these instances the discounted price may in fact be closer to true market values instead of below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a qualified real estate agent from J. Briann Realty Group, Inc. to assist you with researching a property will help you make informed 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. Locating this data can help you decide how much to offer.

• Hire a REALTOR^® with short sale experience. J. Briann Realty Group, Inc. can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Put my knowledge and experience to work for you.

• 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 aware that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. Commonly, your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At J. Briann Realty Group, Inc., when I write an offer, I will be looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.