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Looking to make a deal on a short sale?

If a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due. For more information, you can contact me through my site or e-mail me. I'm happy to address questions you have about real estate short sales.

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

Are they good deals?

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 in financial trouble and must sell their home fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage 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 declined. In these cases the discounted price may in fact be consistent with true market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using an experienced REALTOR® from Metro First Realty to support your research of a property can help you make knowledgeable decisions. We can help find out 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 determine how much to offer.
  • Get a REALTOR® 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 impede 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. Be informed that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. In most cases your offer will go before 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 will be selling the property as seen which means the lender isn't going to pay for repairs. Make sure you reserve the right to have inspections 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 suggest that you make your offer contingent upon the inspection results.
If you are ready to buy, whether it's a short sale or a typical home sale, Metro First Realty can help. Use my experience and knowledge of real estate to feel confident you are getting a fair deal and will be protected during the full matter.