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Ready to purchase a short sale?

Are short sales good deals?

The short answer is "sometimes". Most people hear the term "short sale" and routinely think of a seller that is in financial trouble and must sell their home fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these cases the "bargain" price may in fact be in line with true market values instead of below.

Are you ready to buy a short sale property?

• Always do your homework before making any offers. Using an experienced real estate professional from Blue to Green Realty to help you research a property will help you make informed decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you determine how much to offer.

• Get an agent with short sale expertise. Blue to Green Realty can assist you in expediting the transaction and make sure you're protected. Don't let inexperience slow down the closing process. Put my knowledge and experience to work for you.

• 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 many 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 discounted price. It's not uncommon that your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Blue to Green Realty, when I write an offer, I will be looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.