Short Sale Buyer

Ready to purchase a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, just contact me through my site or e-mail me. I'm happy to address questions you have regarding real estate short sales.

Can I get a bargain on a short sale?

From time to time, yes. Most people hear the phrase "short sale" and automatically think of a seller that is in default and must sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, 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 reduced price may in fact be closer to actual market values, not below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using an experienced real estate agent from Park Place Real Estate to help you research a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you make a decision about how much to offer.
Use an agent with short sale expertise. The real estate agents at Park Place Real Estate can assist you in expediting the transaction and make sure you're protected. Don't let inexperience hinder the closing process. Let our experience and knowledge work for you.
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 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. Commonly, your offer will be seen by 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 generally 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 Park Place Real Estate, when we write an offer, we are looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.

When you are ready to buy, whether it's a short sale or a typical home sale, Park Place Real Estate can help. Apply our experience and knowledge of real estate to be confident that you're getting a fair deal and protect yourself during the whole matter.