Ready to purchase a short sale?

	If a seller owes more on their house than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due.

Are short sales bargains?

• Before making any purchase offers, do your research. Using a knowledgeable real estate professional from Sonoran Lifestyle Real Estate to support your research of a property can 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. Acquiring this data can help you decide how much to offer.

• Get an agent with short sale experience. The real estate agents at Sonoran Lifestyle Real Estate can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay 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 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 sale terms. Commonly, your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Sonoran Lifestyle Real Estate, when we write an offer, we will be looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.