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Ready to make a deal on a short sale?

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

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?

Every now and then a good deal will come along. Many people hear the term "short sale" and routinely think of a seller that is insolvent and needs to sell their home promptly to avert further financial problems. This is occasionally 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 is current with their mortgage, but property values have depreciated. In these instances the "bargain" price may in fact be in line with true market values instead of below.

Are you ready to buy a short sale property?

  • Before making any purchase offers, do your research. Using an experienced real estate agent from Metro First Realty to help you research a property can help you make knowledgeable 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 this info can help you decide how much to offer.
  • Hire a real estate professional with short sale expertise. Metro First Realty can help expedite the transaction and make certain you're protected. Don't let inexperience delay the closing process. Put my 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. Know that most short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. Commonly, your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when dealing with a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Metro First Realty, when I write an offer, I am looking out for your interests above all else and will always advise you to make your offer contingent upon the inspection results.
If you're ready to buy, whether it's a short sale or a typical home sale, Metro First Realty is here to help. Utilize my experience and knowledge of real estate to be confident you're getting a fair deal and remain protected during the whole transaction.