Want to purchase a short sale?

When a homeowner owes more on their home than its value, it's becoming increasingly common for 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, just contact me through my site or e-mail me. I'm happy to answer questions you have about real estate short sales.

Purchasing a short sale in Poughkeepsie, New York on your own is risky. Contact ERA Team IV Homes for expert advice.

Are short sales bargains?

Occasionally. Many people hear the term "short sale" and routinely think of a seller that is in default and needs to sell their home fast to avert 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 is current with their mortgage, but property values have declined. In these cases the discounted price may in fact be in line with true market values instead of below.

How do I buy a short sale?
  • Prior to making any purchase offers, do your research. Using a qualified REALTOR® from ERA Team IV Homes to help you research a property will help you make knowledgeable decisions. We can help learn 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 information can help you make a decision about how much to offer.

  • Hire a real estate agent with short sale expertise. The real estate agents at ERA Team IV Homes can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Put our 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. Know 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 terms of the sale. A lot of the time your offer will be seen by 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 sell the property as seen which means the lender will not be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At ERA Team IV Homes, 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 results of the inspections.
When it is time to buy, whether it's a short sale or a typical home sale, ERA Team IV Homes is here to help. Use our experience and knowledge of real estate to be confident you're getting a fair deal and will be protected during the entire deal.

  

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