Looking to purchase a short sale?
When a homeowner owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what’s owed. If you have any questions about real estate in Las Vegas, Nevada, contact us.
Are short sales bargains?
Occasionally. Many people hear the words “short sale” and instinctively think of a seller that is insolvent and must sell their house promptly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another’s misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have declined. In these instances the “bargain” price may in fact be closer to current market values, not below.
How do I buy a short sale?
- Always do your homework before making any offers. Using a knowledgeable real estate professional from CR Realty Services, llc. to support your research of a property can help you make informed decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you decide how much to offer.
- Use a real estate professional with short sale experience. CR Realty Services, llc. can assist you in expediting the transaction and make sure you’re protected. Don’t permit inexperience to slow down the closing process. Put my experience and knowledge to 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 informed that many 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. A lot of the time your offer will be sent to a committee for approval, which will add time – sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At CR Realty Services, llc., when I write an offer, I am looking out for your interests first and will always recommend that you 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, CR Realty Services, llc. is here to help. Utilize our experience and knowledge of real estate to make sure that you’re getting a fair deal and protect yourself during the whole transaction.