Ready to buy a short sale?
When a lender and a seller agree to release a mortgage for an amount less than what’s owed on the property, it’s called a short sale. For more information, simply contact us through our site or email us. We’re happy to address any questions you have about real estate short sales.
Are short sales good deals?
The short answer is “sometimes”. Most people hear the term “short sale” and routinely think of a seller that is in financial trouble and needs to sell their property quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of 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 declined. In these instances the reduced price may in fact be closer to current market values, not below.
Are you ready to buy a short sale property?
- Prior to making any purchase offers, do your homework. Using an experienced REALTOR® from Home Stars of Texas Realty to support your research of a property will help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you decide how much to offer.
- Hire a REALTOR® with short sale knowledge. The real estate agents at Home Stars of Texas Realty can assist you in expediting the transaction and make sure you’re protected. Don’t let inexperience hold up the closing process. Put our knowledge and experience to work for you.
- Even in the best of situations and with an experienced real estate agent, 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 less than 30 days. Remember that you’re not only having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will go before a committee to approve or disapprove, 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 working with a short sale. The lender will sell the property as seen which means the lender won’t be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Home Stars of Texas Realty, 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.
When you are ready to buy, whether it’s a short sale or a typical home sale, Home Stars of Texas Realty is here to help. Apply our experience and knowledge of real estate to make sure that you are getting a fair deal and will be protected during the whole transaction.
Here is a list of Short Sale Properties currently listed for sale in my MLS in Austin: