Want to purchase a short sale?

Can I get a good deal on a short sale?

Occasionally. Many people hear the term "short sale" and automatically think of a seller that is in default and must sell their house promptly to avoid further financial problems. This is at times 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 instances the "bargain" price may in fact be consistent with actual market values, not below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using an experienced real estate agent from Coldwell Banker Plourde Real Estate to help you research a property will help you make educated 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. Obtaining this info can help you determine how much to offer.

• Use a REALTOR^® with short sale expertise. Coldwell Banker Plourde Real Estate can help expedite the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Let my experience and knowledge work in your favor.

• 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 many short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be sent to 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 not negotiable when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Be 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'm looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.