Ready to buy a short sale?

	A short sale happens when the homeowner's lender consents to receive a reduced payoff to release a mortgage.

Can I get a bargain on a short sale?

• Prior to making any purchase offers, do your research. Using a qualified real estate professional from Abacus Realty to support your research of a property will help you make educated decisions. We can help discover to whom the property is titled, the balance still 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.

• Hire a REALTOR^® with short sale experience. The real estate agents at Abacus Realty can help expedite the transaction and make certain you're protected. Don't permit inexperience to hinder 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 generally take longer than a typical real estate transaction. Be aware that most 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 sale terms. A lot of the time your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when dealing with a short sale. The lender will be selling the property just the way it is which means the lender isn't going to pay for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Abacus Realty, when we write an offer, we will be looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.

When it is time to buy, whether it be a short sale or a typical home sale, Abacus Realty can help you. Utilize our experience and knowledge of real estate to make sure you are getting a fair deal and protect yourself during the complete process.

Just thought I'd share some valuable insight on the "short sale" process. The housing market is what we make it!  Do your homework and get the facts before tackling a short sale situation.  We are in this for the long haul and we are in this together!

Happy Buying and Selling!

Melissa