Short Sale Buyer

Occasionally. Many people hear the words "short sale" and routinely think of a seller that is in trouble and must sell their house promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the discounted price may in fact be consistent with current market values, not below.

How do I buy a short sale?

• Always do your homework before making any offers. Using a knowledgeable real estate agent from Mangrove Realty Exchange, Inc. to support your research of a property will help you make knowledgeable 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. Getting this info can help you determine how much to offer.

• Hire a real estate agent with short sale expertise. The real estate agents at Mangrove Realty Exchange, Inc. can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up 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 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 get approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Mangrove Realty Exchange, Inc., when we write an offer, we're looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.