(405) 414-7000 Carol

Looking to buy a short sale?

If a homeowner 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. For more information, simply contact me through my site or e-mail me. I'm glad to answer any 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?

Sometimes. Often times people hear the term "short sale" and automatically think of a seller that is in default and needing to sell their home fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the "bargain" price may in fact be consistent with actual market values rather than below.

How do I buy a short sale?

  • Prior to making any purchase offers, do your research. Using a qualified real estate agent from Metro First Realty to support your research of a property will help you make informed decisions. We can help reveal 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 information can help you decide how much to offer.
  • Hire a real estate professional with short sale expertise. Metro First Realty can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Put my knowledge and experience to work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Make sure to reserve the right to perform 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 outcome of the inspections.
When it's time to buy, whether it is a short sale or a typical home sale, Metro First Realty can help. Apply my experience and knowledge of real estate to be confident that you're getting a fair deal and protect yourself during the whole transaction.