6 tips to help you successfully buy a short sale

By
Real Estate Agent with ERA Herman Group Real Estate

Do you want to buy a Short sale in Colorado Springs?

 For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

Related Article:

If you are wondering what it takes to successfully buy a Colorado Springs home listed as a short sale, here are my top 5 tips

1. Be patient -- This is by far the most important thing to remember when buying a short sale.   If you need to move by a certainpink 1 small date, purchasing a short sale isn't for you.    Patience is everything, as it's not a quick process.

Don't put in an offer, and then a week later give up on it.  It's a waste of everyone's time, including your own time. Be prepared to wait a couple of months for an answer.

2. Decide what price to offer on the home --  Have your Colorado Springs Realtor obtain information on other homes that have sold in the area.    Also, ask your Realtor to obtain the listing history of the subject property that shows price decreased as well as prices on other comparable properties that are listed for sale in the same Colorado Springs neighborhood.    After looking at all the facts, decide what price the bank may accept.  According to the National Association of Realtors, 80% of the offers made on short sale properties are not accepted.    It's important to understand that lenders will not accept 50% of what the property is worth; but they will accept a reasonable offer.

3. Homework - Do your "Due Diligence" on the home before making an offer.  Most short sale homes are sold "as-is"; consequently you may want to have an inspection on the property before you put in an offer on it.  If there are "major" things that need repaired, you may want to get an estimate on them and take pictures of these items.   It may help the lender be more willing to accept your offer to have the repair information and estimated costs to fix the items.

If you are going to use VA or FHA financing, make sure there won't be any appraisal conditions for the condition of the property.

4.Pre-qualification letter - Give your Realtor a pre-qualification letter from your lender if you are going to finance the purchase.   This letter will be submitted with the contract to the lender.  (See:  Pre-Qualification or Pre-Approval, which do you need to buy a home?)

5. Experience Counts -  Make sure your Colorado Springs Realtor has experience with short sales.  (I've seen more deals not go through because one or both of the Realtors doesn't understand the short sale process and didn't explain to the buyer or the seller what to expect.)    Don't be afraid to ask your Realtor if she/he have successfully closed any short sales.

6. Understand the short sale process.   Have you realtor explain the steps involved in the process.   The better you understand the process, the more it will make sense to you that it's a lengthy process to get done.   If your Realtor can't explain the process to you, find a Realtor that can.

  If you enjoyed reading this article, why not Subscribe to be notified of the next one?    To find out more information about Colorado Springs and purchasing a short sale Call ......

Kathy (719-287-1049)   KTorline@msn.com

 

  

Colorado Springs Real Estate Agent, An Expert You Can Trust

Selling Real Estate in the Colorado Springs area, including Monument,  Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake

  www.ColoradoSpringsVintageHomes.com, www.KathyTorline.com

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Topic:
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Rainmaker
112,889
Laurie C. Bailey-Gates
ABR, SFR
Bean Group

I think it is also important to recognize how many banks are involved in the short sale.  Also, is there a mediator in place that is working on behalf of the seller.  Buyers need to be aware that there is a big difference between an approved short sale and one that is not.

Laurie

February 25, 2011 07:12 AM
Rainmaker
653,369
Patrick White
Put our 26 years experience and technolgy to work
Home Driven Realty, Inc

Good Morning Kathy

Thanks for the post and Short Sale information. Have a great day.

February 25, 2011 08:17 AM
Rainmaker
472,956
Steve Scheer
Highlands Ranch Real Estate - Denver Real Estate
Realty Oasis - Metro Brokers

Hi Kathy - Great List.  Make it 7 and add be patient again.  :) 

February 25, 2011 11:49 PM
Rainmaker
316,770
Kathy Torline
Colorado Springs Real Estate Blog 719-287-1049
ERA Herman Group Real Estate

Laurie:  I agree, it's very important to realize how many lenders are involved in the short sale.

Steve:  Yes, it is all about patience and understanding the process.

 

February 26, 2011 05:21 AM
Rainmaker
316,770
Kathy Torline
Colorado Springs Real Estate Blog 719-287-1049
ERA Herman Group Real Estate

Chuck;  Yes it's all about patience and experience on the part of both agents

February 27, 2011 07:35 AM
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Rainmaker
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Kathy Torline

Colorado Springs Real Estate Blog 719-287-1049
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