Want to buy a short sale?

Can I get a bargain on a short sale?

Sometimes. Often times people hear the term "short sale" and instinctively think of a seller that is in trouble and needs to sell their property promptly to avoid further financial problems. This is occasionally 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 isn't delinquent with their payments, but property values have depreciated. In these cases the "bargain" price may in fact be closer to true market values, not below.

How do I buy a short sale?

• Always do your research before making any offers. Using a qualified real estate professional from Rancho Buena Vista Real Estate to help you research a property can help you make educated decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you determine how much to offer.

• Use an agent with short sale expertise. The real estate agents at Rancho Buena Vista Real Estate can help expedite the transaction and ensure that you're protected. Don't allow inexperience to slow down the closing process. Put our 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 probably take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 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 sale terms. Commonly, your offer will go before 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 not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Rancho Buena Vista Real Estate, when we write an offer, we're looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.