Want to purchase a short sale?

Can I get a bargain on a short sale?

Occasionally. Many people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their house quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from 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 reduced price may in fact be consistent with actual market values instead of below.

How do I buy a short sale?

• Always do your homework before making any offers. Using an experienced real estate agent from Coldwell Banker Plourde Real Estate to help you research a property can help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this information can help you decide how much to offer.

• Get an agent with short sale experience. Coldwell Banker Plourde Real Estate can help expedite the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Put my experience and knowledge to work in your favor.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that a majority of 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. In most cases your offer will be seen by 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 usually not up for negotiation when dealing with a short sale. The lender will be selling the property just the way it is which means the lender isn't going to pay for repairs. Make sure you 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 above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.