Ready to purchase a short sale?

Can I get a bargain on a short sale?

The short answer is "sometimes". Most people hear the phrase "short sale" and instinctively think of a seller that is insolvent and must sell their home 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. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the discounted price may in fact be closer to actual market values instead of below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a knowledgeable real estate professional from Coldwell Banker Plourde Real Estate to assist you with researching 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. Locating this data can help you determine how much to offer.

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

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Always reserve the right to perform 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 first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.