Ready to make a deal on a short sale?

Are short sales bargains?

Occasionally. Most people hear the term "short sale" and routinely think of a seller that is in trouble and needs to sell their property promptly to prevent further financial problems. This is at times 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 fallen. In cases such as these the "bargain" price may in fact be in line with true market values instead of 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 Choice Jacksonville Realty to help you research a property can help you make knowledgeable 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. Finding this info can help you decide how much to offer.

• Hire an agent with short sale knowledge. Choice Jacksonville Realty can help expedite the transaction and ensure that you're protected. Don't permit inexperience to hinder the closing process. Put my knowledge and experience to work for you.

• 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 the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. A lot of the time your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when buying a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Choice Jacksonville Realty, when I write an offer, I am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.