Ready to purchase a short sale?
A short sale means the seller’s lender consents to collect a reduced payoff to release a mortgage. For more information, you can contact us through our site or e-mail us. We’ll be happy to answer questions you have about real estate short sales.
Can I get a bargain on a short sale?
From time to time, yes. Most people hear the term “short sale” and instinctively think of a seller that is in default and needs to sell their house promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of 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 cases such as these the discounted price may in fact be consistent with true market values rather than below.
Are you ready to buy a short sale property?
Before making any purchase offers, do your homework. Using an experienced real estate professional from The Lotzof Group to help you research a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you determine how much to offer.
Get a real estate agent with short sale knowledge. The Lotzof Group can assist you in expediting the transaction and ensure that you’re protected. Don’t allow inexperience to hinder the closing process. Let my experience and knowledge 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. Be aware that a majority of short sales will not close in less than 30 days. Remember that you’re not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be seen by 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 usually not negotiable when dealing with a short sale. The lender is selling the property “as is” 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 The Lotzof Group, when I write an offer, I am looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.
If you’re ready to buy, whether it’s a short sale or a typical home sale, The Lotzof Group is available for you. Use our experience and knowledge of real estate to be confident that you are getting a fair deal and remain protected during the entire deal.
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