Ready to buy a short sale?

Can I get a good deal on a short sale?

The short answer is "sometimes". Most people hear the words "short sale" and instinctively think of a seller that is in default and needing to sell their home promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these cases the discounted price may in fact be closer to actual market values, not below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using a knowledgeable REALTOR^® from J. Briann Realty Group, Inc. to help you research a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you make a decision about how much to offer.

• Hire a real estate agent with short sale expertise. J. Briann Realty Group, Inc. can help expedite the transaction and make certain you're protected. Don't let inexperience slow down the closing process. Put my 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 probably take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Always reserve the right to have 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 foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.