Looking to buy a short sale?


	If a seller owes more on their home than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. For more information, just contact me through my site or e-mail me. I'm happy to address any questions you have about real estate short sales.

Purchasing a short sale in Montrose, Colorado on your own is risky. Contact Western Colorado Real Estate, LLC for expert advice.

Can I get a good deal on a short sale?

Sometimes. Most people hear the term "short sale" and instinctively think of a seller that is insolvent and needing to sell their home quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the "bargain" 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 agent from Western Colorado Real Estate, LLC to support your research of a property can help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you decide how much to offer.
Use a real estate agent with short sale experience. The real estate agents at Western Colorado Real Estate, LLC can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to delay the closing process. Put our experience and knowledge to work in your favor.
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. Know that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. A lot of the time your offer will be presented 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 typically non-negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Western Colorado Real Estate, LLC, when we write an offer, we're looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.

If you're ready to buy, whether it's a short sale or a typical home sale, Western Colorado Real Estate, LLC can help you. Use our experience and knowledge of real estate to feel confident you are getting a fair deal and will be protected during the whole matter.