Ready to buy a short sale?

	When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

Are short sales bargains?

• Always do your research before making any offers. Using a knowledgeable real estate professional from Realty World - Top Producers Realty, Inc. to help you research a property will help you make knowledgeable 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 information can help you decide how much to offer.

• Get a REALTOR^® with short sale expertise. The real estate agents at Realty World - Top Producers Realty, Inc. can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Put our experience and knowledge to 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 aware that most short sales will not close in less than 30 days. 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 sent to 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 generally not up for negotiation when working with a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Realty World - Top Producers Realty, Inc., when we write an offer, we are looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.