Want to buy a short sale?

	When a homeowner is upside down on their mortgage payments, 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. For more information, just contact me through my site or e-mail me. I'm happy to answer any questions you have about real estate short sales.

Are they good deals?

• Prior to making any purchase offers, do your homework. Using a qualified real estate professional from ZIPWORLD REALTY to help you research 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. Getting this data can help you make a decision about how much to offer.

• Use a real estate professional with short sale expertise. The real estate agents at ZIPWORLD REALTY can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Let our 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 30 days or less. 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 go before a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
• Home protection plans, buyer credits and allowances, and closing cost concessions are typically non-negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At ZIPWORLD REALTY when we write an offer, we are looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.