Want to buy 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 agrees to release the mortgage for an amount less than what's owed. For more information, simply contact me through my site or e-mail me. I'm happy to address questions you have regarding real estate short sales.

Purchasing a short sale in Flossmoor, Illinois on your own is risky. Contact ROYAL HERITAGE REALTY for expert advice.

Are they good deals?

Occasionally. Most people hear the words "short sale" and routinely think of a seller that is in trouble and must sell their home fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the discounted price may in fact be consistent with current market values rather than below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using an experienced real estate professional from ROYAL HERITAGE REALTY to support your research of a property can help you make informed decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you determine how much to offer.
Get an agent with short sale knowledge. The real estate agents at ROYAL HERITAGE REALTY can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to hinder the closing process. Let our experience and knowledge work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that many short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will go before a committee for approval which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At ROYAL HERITAGE REALTY, when we write an offer, we will be looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.

When you're ready to buy, whether it be a short sale or a typical home sale, ROYAL HERITAGE REALTY is here to help. Use our experience and knowledge of real estate to make sure that you're getting a fair deal and remain protected during the complete matter.