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Looking 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 a house, it's called a short sale. If you have 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.

Can I get a bargain on a short sale?

The short answer is "sometimes". Many people hear the term "short sale" and automatically think of a seller that is insolvent and needs to sell their home quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these cases the reduced price may in fact be consistent with actual market values, not below.

What's involved in buying a short sale?

  • 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 find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you determine how much to offer.
  • Hire an agent with short sale knowledge. Metro First Realty can help expedite the transaction and make sure you're protected. Don't allow inexperience to slow down the closing process. Let my experience and knowledge work in your favor.

  • 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. Know that many 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 discounted price. A lot of the time your offer will be seen by 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 usually not negotiable when working with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Metro First Realty, when I write an offer, I will be looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.
When you are ready to buy, whether it is a short sale or a typical home sale, Metro First Realty can help you. Apply my experience and knowledge of real estate to feel confident you are getting a fair deal and are protected during the entire transaction.