Ready to buy a short sale?

Are they good deals?

Every now and then a good deal will come along. Many people hear the phrase "short sale" and automatically think of a seller that is in default and must sell their house quickly to avoid 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 isn't delinquent with their payments, but property values have depreciated. In cases such as these the "bargain" price may in fact be in line with actual market values instead of below.

How do I buy a short sale?

• Before making any purchase offers, do your research. Using a qualified real estate professional from Choice Jacksonville Realty to support your research of a property can help you make educated decisions. We can help find out 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 information can help you decide how much to offer.

• Get a real estate professional with short sale knowledge. Choice Jacksonville Realty can help expedite the transaction and ensure that you're protected. Don't let inexperience hold up the closing process. Put my experience and knowledge to work in your favor.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. Commonly, 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 not up for negotiation when dealing with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Choice Jacksonville Realty, 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.