A short sale happens when the seller's lender consents to receive a reduced sum to release a mortgage.
From time to time, yes. Most people hear the words "short sale" and automatically think of a seller that is in trouble and needing to sell their house quickly to avoid 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, but property values have fallen. In these instances the reduced price may in fact be in line with current market values rather than below.
Always do your research before making any offers. Using an experienced real estate professional from IREAF, LLC to assist you with researching a property can help you make educated decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this information can help you make a decision about how much to offer.
Get a REALTOR® with short sale knowledge. IREAF, LLC can assist you in expediting the transaction and ensure that you're protected. Don't allow 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 generally take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that 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 normally not negotiable when buying a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At IREAF, LLC, 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 outcome of the inspections.
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