If a seller owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed. For more information, you can contact me through my site or e-mail me. I'm happy to answer any questions you have regarding real estate short sales.
Are short sales bargains?
From time to time, yes. Most people hear the words "short sale" and automatically think of a seller that is in trouble and must sell their property quickly 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. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the discounted price may in fact be closer to actual market values rather than below.
How do I buy a short sale?
Always do your homework before making any offers. Using an experienced real estate professional from RE/MAX Main Line to help you research a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is 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.
Hire a REALTOR® with short sale expertise. The real estate agents at RE/MAX Main Line can assist you in expediting the transaction and make certain you're protected. Don't let inexperience hold up the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that most 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. It's not uncommon that your offer will be seen by a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At RE/MAX Main Line, when we write an offer, we're looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it is a short sale or a typical home sale, RE/MAX Main Line can help you. Use our experience and knowledge of real estate to be confident you are getting a fair deal and remain protected during the full matter.
RE/MAX Main Line 1646 West Chester Pike Suite 2 West Chester, PA 19382
