Ready to purchase a short sale?

	When a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed.

Can I get a bargain on a short sale?

• Before making any purchase offers, do your homework. Using a qualified REALTOR^® from All-Estate Realty to assist you with researching a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this info can help you determine how much to offer.

• Hire a real estate professional with short sale experience. The real estate agents at All-Estate Realty can help expedite the transaction and ensure that you're protected. Don't let inexperience hinder the closing process. Put our knowledge and experience to work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be presented to a committee to approve which will add time - sometimes even 2 to 3 months.
• Home warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when dealing with a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At All-Estate Realty, when we write an offer, we will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.