Can I get a bargain on a short sale?

Sometimes. Often times people hear the words "short sale" and routinely think of a seller that is insolvent and needs to sell their property quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the "bargain" price may in fact be consistent with true market values instead of below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using an experienced real estate professional from RE/MAX Classic to help you research a property can help you make knowledgeable 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 info can help you decide how much to offer.
  • Use an agent with short sale knowledge. The real estate agents at RE/MAX Classic can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Put our experience and knowledge to 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 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 terms of the sale. In most cases your offer will go before a committee to approve which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are normally non-negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At RE/MAX Classic, 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.

If you are ready to buy, whether it's a short sale or a typical home sale, RE/MAX Classic can help. Utilize our experience and knowledge of real estate to be confident that you are getting a fair deal and remain protected during the full deal.