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Want to make a deal on a short sale?

A short sale is when the homeowner's lender has agreed to get a reduced payoff 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 good deal on a short sale?

Occasionally. Most people hear the term "short sale" and instinctively think of a seller that is in trouble and needs to sell their house quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced 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 homework. Using a qualified real estate professional from Metro First Realty to help you research a property can help you make educated 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. Locating this data can help you determine how much to offer.
  • Hire a real estate agent with short sale expertise. Metro First Realty can aid you in expediting the transaction and make sure you're protected. Don't let inexperience hold up the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be seen by 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 generally not negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender won't 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'm looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.
If you're ready to buy, whether it be a short sale or a typical home sale, Metro First Realty is available for you. Apply my experience and knowledge of real estate to be certain you are getting a fair deal and will be protected during the whole purchase transaction.