Want to buy a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. Should you have any questions regarding real estate in Austin, Texas, contact me here or e-mail me.

Purchasing a short sale in Austin, Texas on your own is risky. Contact IREAF, LLC for expert advice.

Are short sales bargains?

Sometimes. Many people hear the term "short sale" and routinely think of a seller that is insolvent and needing to sell their home fast to prevent further financial problems. This is occasionally 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 is current with their mortgage, but property values have fallen. In these cases the reduced price may in fact be in line with actual market values instead of below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your research. Using a knowledgeable real estate professional from IREAF, LLC to help you research a property can help you make informed decisions. We can help find out to whom the property is titled, the amount 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 real estate agent with short sale experience. IREAF, LLC can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to hinder the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy 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 plans, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At IREAF, LLC, when I write an offer, I'm looking out for your interests first and will always suggest 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, IREAF, LLC can help you. Utilize my experience and knowledge of real estate to be certain you're getting a fair deal and will be protected during the entire purchase transaction.

IREAF, LLC

P.O. Box 143683
Austin, TX 78714-3683