Want to buy a short sale?

When a seller is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's due. If you have any questions about real estate in Edmond, Oklahoma, contact me here or e-mail me.

Purchasing a short sale in Edmond, Oklahoma on your own is risky. Contact Metro First Realty for expert advice.

Are short sales good deals?

Sometimes. Most people hear the term "short sale" and instinctively think of a seller that is in trouble and must sell their property promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, 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 "bargain" price may in fact be in line with current market values, not below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a knowledgeable real estate professional from Metro First Realty to assist you with researching a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you decide how much to offer.
  • Hire a real estate agent with short sale experience. Metro First Realty can help expedite the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Put my experience and knowledge to 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. Commonly, your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are typically not negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Metro First Realty, when I write an offer, I'm looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, Metro First Realty is available for you. Apply my experience and knowledge of real estate to be confident that you're getting a fair deal and remain protected during the full matter.