Want to buy a short sale?

	When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. For more information, simply contact me through my site or e-mail me. I'm glad to answer questions you have regarding real estate short sales.

Are they good deals?

• Always do your homework before making any offers. Using an experienced real estate agent from Drew Pittman Realty to help you research a property can help you make knowledgeable decisions. We can help find out 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 determine how much to offer.

• Use a REALTOR^® with short sale knowledge. The real estate agents at Drew Pittman Realty can help expedite the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Put our knowledge and experience to work for you.

• Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that many short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. Commonly, 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 non-negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Drew Pittman Realty, when we write an offer, we are looking out for your interests above all else and will always advise you to make your offer contingent upon the inspection results.