Looking to purchase a short sale?


	If a homeowner 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, you can contact me through my site or e-mail me. I'm glad to answer questions you have regarding real estate short sales.

Purchasing a short sale in Gilbert, Arizona on your own is risky. Contact Realty Executives TEAM III for expert advice.

Are they good deals?

The short answer is "sometimes". Most people hear the phrase "short sale" and instinctively think of a seller that is insolvent and must sell their home 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. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the "bargain" price may in fact be consistent with current market values rather than below.

What's involved in buying a short sale?

Always do your research before making any offers. Using a knowledgeable REALTOR^® from Realty Executives TEAM III to support your research of a property can help you make informed decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you determine how much to offer.
Use a real estate professional with short sale experience. The real estate agents at Realty Executives TEAM III can help expedite the transaction and make sure you're protected. Don't permit inexperience to slow down 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. Know that most short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented 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 generally not negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Realty Executives TEAM III, when we write an offer, we will be looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.

When it is time to buy, whether it is a short sale or a typical home sale, Realty Executives TEAM III can help. Apply our experience and knowledge of real estate to be certain that you are getting a fair deal and are protected during the entire purchase transaction.