Ready to make a deal on a short sale?

A short sale is when the seller's lender consents to collect a reduced payoff to release a mortgage. Should you have questions regarding real estate in Bronx, New York, contact me here or e-mail me.

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 good deal on a short sale?

From time to time, yes. Many people hear the term "short sale" and instinctively think of a seller that is in default and must sell their home fast 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. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the "bargain" price may in fact be closer to true market values instead of below.

How do I buy a short sale?

  • Before making any purchase offers, do your research. Using a knowledgeable real estate professional from Go! Real Estate, Inc. to support your research of a property can help you make informed decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you make a decision about how much to offer.
  • Get a real estate professional with short sale experience. Go! Real Estate, Inc. can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to hold up 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 generally take longer than a typical real estate transaction. Know that most 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 terms of the sale. In most cases your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when buying a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Be sure to reserve the right to have the property inspected 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 inspection results.
When you are ready to buy, whether it is a short sale or a typical home sale, Go! Real Estate, Inc. is available for you. Utilize my experience and knowledge of real estate to be certain that you are getting a fair deal and protect yourself during the full process.