Want to make a deal on a short sale?

	When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.

Can I get a bargain on a short sale?

• Always do your research before making any offers. Using a knowledgeable REALTOR^® from ERA Strother Real Estate to help you research a property will help you make informed decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you make a decision about how much to offer.

• Hire a real estate agent with short sale knowledge. The real estate agents at ERA Strother Real Estate can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience delay the closing process. Let our experience and knowledge work for you.

• Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be informed 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. In most cases your offer will be sent to 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 usually not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At ERA Strother Real Estate, when we write an offer, we are looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.

If you are ready to buy, whether it's a short sale or a typical home sale, ERA Strother Real Estate is available for you. Use our experience and knowledge of real estate to be confident you are getting a fair deal and are protected during the whole purchase transaction.