Want to buy a short sale?

Are they good deals?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needs to sell their property promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the "bargain" price may in fact be in line with actual market values rather than below.

Are you ready to buy a short sale property?

• Before you make any purchase offers, do your homework. Using a qualified real estate agent from J. Briann Realty Group, Inc. to support your research of a property will 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. Getting these facts can help you determine how much to offer.

• Hire a real estate professional with short sale knowledge. J. Briann Realty Group, Inc. can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up 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 probably take longer than a typical real estate transaction. Know that most short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. Commonly, 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 dealing with a short sale. The lender will be selling the property "as is" which means the lender will not be paying for repairs. Be sure you 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 above all else and will always advise you to make your offer contingent upon the inspection results.