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Want to make a deal on 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.

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?

From time to time, yes. Many people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needs to sell their property promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of 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 "bargain" price may in fact be closer to current 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 agent from Go! Real Estate, Inc. to assist you with researching a property will help you make educated 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. Getting this data can help you decide how much to offer.
  • Use a real estate agent with short sale experience. Go! Real Estate, Inc. can aid you in expediting the transaction and make sure you're protected. Don't let inexperience delay the closing process. Put my 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 usually take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 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. A lot of the time your offer will be presented to 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 generally not up for negotiation when buying a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Be sure you reserve the right to perform 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 above all else 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 make sure that you are getting a fair deal and will be protected during the entire deal.