Ready to purchase a short sale?

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

Are short sales bargains?

• Always do your research before making any offers. Using a qualified real estate agent from Wilkinson & Associates to assist you with researching a property will help you make educated decisions. We can help learn 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 information can help you decide how much to offer.

• Hire a real estate professional with short sale expertise. The real estate agents at Wilkinson & Associates 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 in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Know that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. A lot of the time your offer will be seen by a committee for approval which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually 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. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Wilkinson & Associates, when we write an offer, we are looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.