Looking to make a deal on a short sale?

Can I get a good deal on a short sale?

From time to time, yes. Often times people hear the words "short sale" and instinctively think of a seller that is in trouble and needing to 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 is current with their mortgage, but property values have declined. In these cases the reduced price may in fact be consistent with actual market values instead of below.

Are you ready to buy a short sale property?

• 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 will help you make informed decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you decide how much to offer.

• Get a real estate professional with short sale knowledge. Coldwell Banker Plourde Real Estate can aid you in expediting 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 usually take longer than a typical real estate transaction. Be aware that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time 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 up for negotiation when dealing with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Be 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 first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.