When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.
For more information, you can contact me through my site or e-mail me. I'm glad to answer questions you have about real estate short sales.
Are short sales bargains?
Sometimes. Many people hear the term "short sale" and instinctively think of a seller that is in default and must sell their house fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, 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 true market values rather than below.
How do I buy a short sale?
Always do your homework before making any offers. Using a knowledgeable REALTOR® from 1ST CHOICE REALTY to assist you with researching a property will help you make educated decisions. We can help discover to whom the property is titled, the balance still 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 experience. The real estate agents at 1ST CHOICE REALTY can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Put our knowledge and experience to work for you.
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. Be informed that a majority of 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. A lot of the time your offer will go before a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender will be selling the property "as is" 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 1ST CHOICE REALTY, when we write an offer, we're looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.
When you are ready to buy, whether it's a short sale or a typical home sale, 1ST CHOICE REALTY is available for you. Utilize our experience and knowledge of real estate to be confident that you're getting a fair deal and are protected during the entire matter.
1st CHOICE REALTY 105 W. Harris Ave. Greenville, IL 62246 Phone: 618-664-7355 Fax: 618-664-4819 Email: josussenbach@sbcglobal.net
1ST CHOICE REALTY 105 W Harris Ave Greenville, IL 62246-2115
