Ready to purchase a short sale?

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Most people hear the words "short sale" and automatically think of a seller that is in default and needs to sell their house promptly to avoid 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 isn't delinquent with their payments, but property values have declined. In cases such as these the reduced price may in fact be in line with current market values, not below.

How do I buy a short sale?

Before you make any purchase offers, do your research. Using an experienced real estate professional from Great Street Properties to support your research of a property can help you make educated 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. Acquiring this information can help you make a decision about how much to offer.
Hire a REALTOR^® with short sale knowledge. The real estate agents at Great Street Properties can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be aware 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 sale terms. Commonly, your offer will be seen by a committee for approval which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when working with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Great Street Properties, when we write an offer, we're looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.

If you are ready to buy, whether it's a short sale or a typical home sale, Great Street Properties is here to help. Utilize our experience and knowledge of real estate to feel confident you're getting a fair deal and remain protected during the entire purchase transaction.

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Corporate Office:

22 N Morgan Street
Suite 107
Chicago, IL 60607
Phone: 312.733.9100
Fax: 312.733.9768
Abe@thereobroker.com

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