Want to make a deal on a short sale?

Are short sales bargains?

Sometimes. Often times people hear the words "short sale" and automatically think of a seller that is in default and needing to sell their property fast to avoid 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. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the reduced price may in fact be closer to true market values instead of below.

Are you ready to buy a short sale property?

• Prior to making any purchase offers, do your research. Using an experienced REALTOR^® from HREG @ Hollingsworth Center - Lee Hollingsworth to help you research a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you make a decision about how much to offer.

• Hire a REALTOR^® with short sale expertise. HREG @ Hollingsworth Center - Lee Hollingsworth can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to hinder the closing process. Put my knowledge and experience to work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably 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. In most cases your offer will be presented to 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 negotiable when dealing with a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At HREG @ Hollingsworth Center - Lee Hollingsworth, when I write an offer, I will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the inspection results.