Looking to make a deal on a short sale?


	When a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's due. If you have questions regarding real estate in Prescott, Arizona, contact me here or e-mail me.

Purchasing a short sale in Prescott, Arizona on your own is risky. Contact Realty Executives Northern Arizona for expert advice.

Can I get a good deal on a short sale?

Sometimes. Many people hear the term "short sale" and instinctively think of a seller that is in default and needs to sell their home quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the discounted price may in fact be in line with true market values, not below.

Are you ready to buy a short sale property?

Always do your homework before making any offers. Using a qualified REALTOR^® from Realty Executives Northern Arizona to help you research a property can help you make knowledgeable 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. Finding this information can help you decide how much to offer.
Hire a real estate professional with short sale expertise. The real estate agents at Realty Executives Northern Arizona can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Put our knowledge and experience to work for you.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. Commonly, your offer will go before a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Realty Executives Northern Arizona, when we write an offer, we are looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.

When it's time to buy, whether it's a short sale or a typical home sale, Realty Executives Northern Arizona can help. Utilize our experience and knowledge of real estate to be confident that you're getting a fair deal and will be protected during the full deal.