Looking to buy a short sale?
|When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. Should you have any questions about real estate in Draper, Utah, contact me here or e-mail me.|
Are short sales good deals?Every now and then a good deal will come along. Often times people hear the term "short sale" and routinely think of a seller that is insolvent and needs to sell their property fast 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. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the reduced price may in fact be consistent with current market values, not below.
How do I buy a short sale?
- Always do your homework before making any offers. Using an experienced real estate professional from RealtyPath Platinum Real Estate to assist you with researching a property can help you make educated 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. Having this data can help you decide how much to offer.
Hire a real estate professional with short sale knowledge. The real estate agents at RealtyPath Platinum Real Estate can help expedite the transaction and make certain you're protected. Don't permit inexperience to slow down the closing process. Let our 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. Be informed 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. Commonly, your offer will be seen by a committee to approve which will add time - sometimes even 2 to 3 months.
- Home protection warranties, 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 won't be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At RealtyPath Platinum Real Estate , when we write an offer, we're looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, RealtyPath Platinum Real Estate is available for you. Utilize our experience and knowledge of real estate to be confident that you're getting a fair deal and are protected during the complete matter.
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