Looking 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.

Are short sales bargains?

The short answer is "sometimes". Often times people hear the words "short sale" and routinely think of a seller that is in financial trouble and needing to sell their property promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the "bargain" price may in fact be closer to actual market values instead of below.

How do I buy a short sale?

  • Prior to making any purchase offers, do your research. Using an experienced REALTOR® from Go! Real Estate, Inc. to assist you with researching a property can help you make informed 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. Finding this info can help you determine how much to offer.
  • Hire a REALTOR® with short sale knowledge. Go! Real Estate, Inc. can aid you in expediting the transaction and make certain 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 usually take longer than a typical real estate transaction. Know 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 terms of the sale. A lot of the time your offer will be seen by 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 non-negotiable when dealing with a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Make 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'm looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it is a short sale or a typical home sale, Go! Real Estate, Inc. is here to help. Use my experience and knowledge of real estate to make sure that you are getting a fair deal and are protected during the full purchase transaction.