Looking to make a deal on a short sale?

Are short sales good deals?

Every now and then a good deal will come along. Many people hear the words "short sale" and automatically think of a seller that is insolvent and needing to sell their house promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the discounted price may in fact be closer to true market values rather than below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using a knowledgeable real estate agent from J. Briann Realty Group, Inc. to assist you with researching a property can help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you decide how much to offer.

• Use an agent with short sale knowledge. J. Briann Realty Group, Inc. can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to delay the closing process. Let my experience and knowledge work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Know that a majority of 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 presented to 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 usually non-negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make 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 foremost and will always suggest that you make your offer contingent upon the inspection results.