Want to make a deal on a short sale?

Are short sales bargains?

From time to time, yes. Most people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and must sell their property quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the discounted price may in fact be closer to actual market values instead of below.

How do I buy a short sale?

• Before you make any purchase offers, do your research. Using a knowledgeable real estate agent from Southern Homes of the Carolinas to help you research a property can help you make educated decisions. We can help discover 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 information can help you determine how much to offer.

• Hire a REALTOR^® with short sale knowledge. Southern Homes of the Carolinas can help expedite the transaction and ensure that you're protected. Don't allow inexperience to hold up 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 less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. In most cases your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender will be selling 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 Southern Homes of the Carolinas, when I write an offer, I will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.