A short sale is when the homeowner's lender consents to collect a reduced sum to release a mortgage. For more information, simply contact me through my site or e-mail me. I'm glad to answer questions you have regarding real estate short sales.
The short answer is "sometimes". Many people hear the words "short sale" and routinely think of a seller that is in trouble and must sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune.
In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the reduced price may in fact be closer to actual market values instead of below.
If you're ready to buy, whether it is a short sale or a typical home sale, G World Properties can help you. Use our experience and knowledge of real estate to be certain you're getting a fair deal and are protected during the whole process.
Always do your homework before making any offers. Using an experienced real estate professional from G World Properties to support your research of a property will help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you determine how much to offer.
Get a real estate professional with short sale knowledge. The real estate agents at G World Properties can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to impede the closing process. Let our experience and knowledge 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 informed that many 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 sale terms. A lot of the time your offer will be sent to a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are normally non-negotiable when buying a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At G World Properties, when we write an offer, we are looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.