Want to buy a short sale?

Can I get a good deal on a short sale?

The short answer is "sometimes". Many people hear the phrase "short sale" and instinctively think of a seller that is in default and needing to sell their property promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In cases such as these the reduced price may in fact be consistent with true market values, not below.

Are you ready to buy a short sale property?

• Always do your research before making any offers. Using a qualified real estate agent from Cossell Enterprises, Inc to help you research a property will help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you decide how much to offer.

• Use a real estate professional with short sale experience. Cossell Enterprises, Inc can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to delay the closing process. Let my experience and knowledge work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Know that many short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are normally not negotiable when working with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Cossell Enterprises, Inc, when I write an offer, I am looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.