Want to buy a short sale?

	A short sale happens when the seller's lender consents to accept a reduced payment to release a mortgage.

Can I get a good deal on a short sale?

• Always do your research before making any offers. Using a knowledgeable real estate professional from Neely, Barrow & Associates to help you research a property will help you make educated decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you determine how much to offer.

• Get an agent with short sale knowledge. The real estate agents at Neely, Barrow & Associates can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Put our 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 generally take longer than a typical real estate transaction. Be aware 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. In most cases your offer will go before 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 normally 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. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Neely, Barrow & Associates, when we write an offer, we will be looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.