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Ready to buy a short sale?

A short sale happens when the homeowner's lender has agreed to get a reduced payoff to release a mortgage. If you have any questions regarding 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.

Can I get a bargain on a short sale?

From time to time, yes. Often times people hear the phrase "short sale" and automatically think of a seller that is insolvent and needs to sell their home fast to prevent further financial problems. This is at times 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 with their mortgage, but property values have fallen. In cases such as these the discounted price may in fact be closer to true market values, not below.

How do I buy a short sale?

  • Before making any purchase offers, do your homework. Using a qualified real estate professional from Metro First Realty to support your research of a property can 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 decide how much to offer.
  • Use a real estate professional with short sale experience. Metro First Realty can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Let my 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. Know that many short sales will not close in the customary 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. A lot of the time your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when dealing with a short sale. The lender is selling the property "as 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 foremost and will always recommend that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it be a short sale or a typical home sale, Metro First Realty can help you. Utilize my experience and knowledge of real estate to feel confident that you're getting a fair deal and are protected during the complete matter.