Looking to buy a short sale?

Are they good deals?

Occasionally. Most people hear the phrase "short sale" and instinctively think of a seller that is in default and needs to sell their home quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to do well from 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 instances the discounted price may in fact be in line with current market values instead of below.

How do I buy a short sale?

• Prior to making any purchase offers, do your homework. Using an experienced real estate professional from Cossell Enterprises, Inc to help you research a property can help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you decide how much to offer.

• Get a REALTOR^® with short sale experience. Cossell Enterprises, Inc can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to slow down the closing process. Let my experience and knowledge work in your favor.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be presented to a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when working with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make 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'm looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.