Looking to buy a short sale?

Are short sales bargains?

From time to time, yes. Most people hear the term "short sale" and automatically think of a seller that is insolvent and must sell their home quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the discounted price may in fact be closer to current market values, not below.

How do I buy a short sale?

• Always do your research before making any offers. Using a knowledgeable real estate agent from Cossell Enterprises, Inc to assist you with researching a property can help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you determine how much to offer.

• Hire a real estate professional with short sale expertise. Cossell Enterprises, Inc can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience hold up the closing process. Let my experience and knowledge work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that many short sales will not close in 30 days or less. Remember that you're not only getting 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 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 non-negotiable when dealing with a short sale. The lender will sell 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 Cossell Enterprises, Inc, when I write an offer, I will be looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.