Looking to buy a short sale?

Can I get a bargain on a short sale?

Sometimes. Many people hear the term "short sale" and routinely think of a seller that is in default and needing to sell their property fast 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. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the "bargain" price may in fact be consistent with actual market values, not below.

Are you ready to buy a short sale property?

• Before making any purchase offers, do your research. 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 find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you make a decision about how much to offer.

• Get a real estate agent with short sale expertise. Coldwell Banker Plourde Real Estate can help expedite the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Put my knowledge and experience to work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to 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 typically non-negotiable when working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Be sure to 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 recommend that you make your offer contingent upon the results of the inspections.