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Want to buy a short sale?

If a seller owes more on their house than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees 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 happy to address any questions you have regarding real estate short sales.

Purchasing a short sale in Bronx, New York on your own is risky. Contact Go!  Real Estate, Inc. for expert advice.

Can I get a bargain on a short sale?

The short answer is "sometimes". Often times people hear the term "short sale" and routinely think of a seller that is insolvent and needs to sell their house fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from 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 fallen. In these instances the discounted price may in fact be consistent with true market values, not below.

Are you ready to buy a short sale property?

  • Before you make any purchase offers, do your research. Using an experienced real estate professional from Go! Real Estate, Inc. to help you research a property will help you make educated decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you decide how much to offer.
  • Use a real estate agent with short sale expertise. Go! Real Estate, Inc. can help expedite the transaction and ensure that you're protected. Don't permit inexperience to slow down the closing process. Let my 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 usually 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 getting approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are normally non-negotiable when buying a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Go! Real Estate, Inc., when I write an offer, I am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, Go! Real Estate, Inc. is here to help. Apply my experience and knowledge of real estate to be certain that you're getting a fair deal and will be protected during the entire matter.