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Ready to make a deal on a short sale?

A short sale is when the homeowner's lender agrees to receive a reduced amount to release a mortgage. For more information, simply contact me through my site or e-mail me. I'm glad to answer 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.

Can I get a bargain on a short sale?

Occasionally. Many people hear the term "short sale" and automatically think of a seller that is in financial trouble and must sell their home promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the "bargain" price may in fact be consistent with actual market values instead of below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your homework. Using a qualified real estate agent from Metro First Realty to help you research a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you determine how much to offer.
  • Use a REALTOR® with short sale experience. Metro First Realty can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to hinder the closing process. Put my experience and knowledge to work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that a majority of 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 be presented to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale. The lender is selling the property as seen 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 will be looking out for your interests first and foremost and will always recommend that you 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 can help. Use my experience and knowledge of real estate to be confident you are getting a fair deal and protect yourself during the full deal.