Looking to Make a Seal on a Short Sale?

	If a seller is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. For more information, simply contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales.

Are short sales bargains?

Sometimes. Often times people hear the words "short sale" and instinctively think of a seller that is insolvent and needing to sell their property promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune.

In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these instances the "bargain" price may in fact be in line with current market values, not below.

Are you ready to buy a short sale property?

• Before making any purchase offers, do your research. Using a knowledgeable REALTOR^® from Tierney's Team - Keller Williams Realty to assist you with researching a property will help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you decide how much to offer.

• Use an agent with short sale expertise. The real estate agents at Tierney's Team - Keller Williams Realty can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Put our 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 informed that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. Commonly, your offer will be seen by a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when working with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Tierney's Team - Keller Williams Realty, when we write an offer, we are looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.

When it is time to buy, whether it is a short sale or a typical home sale, Tierney's Team - Keller Williams Realty can help. Use our experience and knowledge of real estate to be certain you're getting a fair deal and are protected during the whole deal.

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