Want to Purchase a Short Sale?
A short sale is when the seller's lender has agreed to accept a reduced payoff to release a mortgage. If you have any questions about real estate in Colorado Springs, Colorado, contact me here or e-mail me.
Purchasing a short sale in Colorado Springs, Colorado on your own is risky. Contact The EPIC Real Estate Group for expert advice.
Can I get a bargain on a short sale?
Sometimes. Often times people hear the phrase "short sale" and instinctively think of a seller that is in default and needs to sell their property quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on 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 depreciated. In these instances the "bargain" price may in fact be closer to true market values, not below.
What's involved in buying a short sale?
- Always do your research before making any offers. Using a qualified real estate professional from EPIC Real Estate Group to assist you with researching a property will help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you make a decision about how much to offer.
- Use a REALTOR® with short sale experience. The real estate agents at EPIC Real Estate Group can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to delay the closing process. Let our experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 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. Commonly, your offer will go before a committee for approval which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender isn't going to pay for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At The EPIC Real Estate Group, 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 inspection results.
When you are ready to buy, whether it is a short sale or a typical home sale, The EPIC Real Estate Group is available for you. Use our experience and knowledge of real estate to be certain that you're getting a fair deal and will be protected during the full matter.