Short Sale ?
Do you want to purchase a Short Sale?
What is a short sale?
When a lender and a homeowner agree to release a mortgage for an
amount less than what is owed on the property, it’s called a short sale.
Is a short sale really a good deal?
Sometimes, most people hear the phrase "short sale" and routinely think of a seller that is in default and needs to sell their home promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property value has depreciated. In cases such as these the discounted price may in fact be closer to true market values, not below.
Are you ready to buy a short sale property?
Always do your research before making any offers. When you are ready to move forward, an experienced real estate professional from Rhicafirst will help you with researching a property and making an informed decision. We can help you 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 information can help you determine how much to offer.
Hire a real estate professional with short sale experience. The real estate professionals at Rhicafirst can assist you in expediting the transaction and ensure that you're protected. Put our experience and knowledge to work in your favor.
Even with an experienced real estate professional and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that many short sales will not close in less than 30 days. When an offer has been accepted, it may take 2 to 8 months to close. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be seen by a committee for approval which will result in such delay. And you need to determine, if you are willing to accept the wait.
Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender is selling the property just the way it 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 Rhicafirst, when we write an offer, we're looking out for your interests first and foremost. And will always recommend that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it's a short sale or a typical home sale, Rhicafirst can help. Use our experience and knowledge of real estate to be certain you are getting a fair deal and remain protected during the entire process.
