Want to buy a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. Should you have questions about real estate in Salida, Colorado, contact me here or e-mail me.

Purchasing a short sale in Salida, Colorado on your own is risky. Contact Barbara Pearson-Sawyer, GRI for expert advice.

Can I get a good deal on a short sale?

The short answer is "sometimes". Many people hear the phrase "short sale" and instinctively think of a seller that is in default and needing to sell their house fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the reduced price may in fact be consistent with actual market values instead of below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a knowledgeable real estate agent from Barbara Pearson-Sawyer, GRI 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. Acquiring this information can help you determine how much to offer.
  • Hire a REALTOR® with short sale expertise. Barbara Pearson-Sawyer, GRI can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to slow down the closing process. Put my knowledge and experience to work for you.

  • 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. 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 discounted price. Commonly, your offer will go before 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 not negotiable when dealing with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Barbara Pearson-Sawyer, GRI, when I write an offer, I am looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.
When you are ready to buy, whether it's a short sale or a typical home sale, Barbara Pearson-Sawyer, GRI is available for you. Apply my experience and knowledge of real estate to be confident you're getting a fair deal and protect yourself during the complete process.

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