Looking to make a deal on a short sale?

If a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed. For more information, you can contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales.

Purchasing a short sale in Oklahoma City, Oklahoma on your own is risky. Contact FirstPoint Properties for expert advice.

Are they good deals?

From time to time, yes. Most people hear the words "short sale" and routinely think of a seller that is in financial trouble and needs to sell their home fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the discounted price may in fact be closer to true market values, not below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a knowledgeable real estate professional from FirstPoint Properties to assist you with researching a property will help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you make a decision about how much to offer.
  • Hire an agent with short sale experience. FirstPoint Properties can assist you in expediting the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 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. Commonly, your offer will be seen by 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 generally non-negotiable when working with a short sale. The lender will sell 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 FirstPoint Properties, when I write an offer, I am looking out for your interests first and foremost and will always advise you to 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, FirstPoint Properties is here to help. Utilize my experience and knowledge of real estate to make sure that you are getting a fair deal and remain protected during the full purchase transaction.