Want to make a deal on a short sale?

Are they good deals?

From time to time, yes. Many people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needing to sell their property promptly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage 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 consistent with current market values, not below.

What's involved in buying a short sale?

• Always do your research before making any offers. Using an experienced real estate agent from Coldwell Banker Plourde Real Estate to support your research of a property will help you make knowledgeable 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. Having these facts can help you make a decision about how much to offer.

• Use a REALTOR^® with short sale knowledge. Coldwell Banker Plourde Real Estate can help expedite the transaction and make sure you're protected. Don't permit inexperience to hinder the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. Commonly, your offer will go before 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 non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Coldwell Banker Plourde Real Estate, when I write an offer, I am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.