Want to purchase a short sale?


	If a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's due.

Purchasing a short sale in Mentor, Ohio on your own is risky. Contact The Real Estate CookBook for expert advice.

Are short sales good deals?

Occasionally. Often times people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their property fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the "bargain" price may in fact be closer to true market values instead of below.

Are you ready to buy a short sale property?

Always do your homework before making any offers. Using a knowledgeable real estate agent from The Real Estate CookBook to help you research a property can help you make educated decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you determine how much to offer.
Use a real estate agent with short sale experience. The real estate agents at The Real Estate CookBook can help expedite the transaction and ensure that you're protected. Don't let inexperience hold up the closing process. Put our experience and knowledge to 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 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 terms of the sale. A lot of the time your offer will be presented to a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At The Real Estate CookBook, when we write an offer, we're looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.

When you are ready to buy, whether it's a short sale or a typical home sale, The Real Estate CookBook can help you. Use our experience and knowledge of real estate to be confident you're getting a fair deal and are protected during the complete transaction.