Ready to buy a short sale?


	If a seller is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed.

Purchasing a short sale in Rochester, New York on your own is risky. Contact Prudential Discover Real Estate for expert advice.

Are they good deals?

Occasionally. Many people hear the words "short sale" and routinely think of a seller that is in default and needing to sell their home quickly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of 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 these cases the reduced price may in fact be in line with current market values instead of below.

What's involved in buying a short sale?

Prior to making any purchase offers, do your homework. Using an experienced real estate professional from Prudential Discover Real Estate to assist you with researching a property can help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you make a decision about how much to offer.
Get an agent with short sale experience. The real estate agents at Prudential Discover Real Estate can help expedite the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Let our experience and knowledge work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that most short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be presented to a committee to approve 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 buying a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Prudential Discover Real Estate, when we write an offer, we will be looking out for your interests first and foremost and will always suggest that you 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, Prudential Discover Real Estate can help. Utilize our experience and knowledge of real estate to be confident you're getting a fair deal and are protected during the whole matter.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

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