Ready to make a deal on a short sale?

Are they good deals?

Every now and then a good deal will come along. Most people hear the words "short sale" and instinctively think of a seller that is in trouble and must sell their home 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 fallen. In these cases the "bargain" price may in fact be consistent with true market values rather than below.

How do I buy a short sale?

• Prior to making any purchase offers, do your research. Using an experienced REALTOR^® from Coldwell Banker Plourde Real Estate to support your research of a property can help you make informed decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you determine how much to offer.

• Hire a REALTOR^® with short sale knowledge. Coldwell Banker Plourde Real Estate can help expedite the transaction and make sure you're protected. Don't permit inexperience to slow down the closing process. Let my experience and knowledge work in your favor.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Know that most short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be presented 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 buying a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make sure to reserve the right to have the property inspected 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 above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.