Ready 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 a house, it's called a short sale. For more information, just contact us
through our site or e-mail us
. We're glad to answer any questions you have regarding real estate short sales.
Are short sales good deals?
The short answer is "sometimes". Most people hear the term "short sale" and automatically think of a seller that is in default and must sell their house quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the "bargain" price may in fact be closer to actual market values, not below.
How do I buy a short sale?
When it's time to buy, whether it's a short sale or a typical home sale, Kiva Realty can help. Utilize our experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the entire purchase transaction.
only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be seen by a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are generally not negotiable when buying a short sale. The lender is 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 Kiva Realty, when we write an offer, we're looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.
When it is time to buy, whether it be a short sale or a typical home sale, Kiva Realty is here to help. Apply our experience and knowledge of real estate to be certain you are getting a fair deal and are protected during the entire transaction.