Want to buy a short sale?

Are short sales bargains?

The short answer is "sometimes". Often times people hear the term "short sale" and routinely think of a seller that is in financial trouble and needs to sell their home promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the reduced price may in fact be in line with actual market values rather than below.

How do I buy a short sale?

• Prior to making any purchase offers, do your research. Using a knowledgeable real estate agent from J. Briann Realty Group, Inc. to assist you with researching a property will help you make educated decisions. We can help learn 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 information can help you decide how much to offer.

• Use a real estate professional with short sale expertise. J. Briann Realty Group, Inc. can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Put my experience and knowledge to work in your favor.

• 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 informed that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be presented 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 normally not negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Be sure to 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 will always advise you to make your offer contingent upon the results of the inspections.