Ready to make a deal on a short sale?

A short sale happens when the homeowner's lender consents to collect a reduced payment to release a mortgage. Should you have any questions about 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 Insurance/Real Estate Advisors & Faciliators, LLC for expert advice.

Are they good deals?

Sometimes. Often times people hear the term "short sale" and routinely think of a seller that is insolvent and needs to sell their property quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the reduced price may in fact be closer to true market values, not below.

How do I buy a short sale?
  • Always do your research before making any offers. Using a knowledgeable real estate professional from Insurance/Real Estate Advisors & Faciliators, LLC to assist you with researching a property can help you make informed 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.
  • Hire an agent with short sale knowledge. The real estate agents at Insurance/Real Estate Advisors & Faciliators, LLC can assist you in expediting the transaction and make sure 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 aware that most 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 terms of the sale. Commonly, your offer will be sent to a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when working with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Insurance/Real Estate Advisors & Faciliators, LLC, 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 results of the inspections.
When you are ready to buy, whether it's a short sale or a typical home sale, Insurance/Real Estate Advisors & Faciliators, LLC is here to help. Use our experience and knowledge of real estate to be confident that you're getting a fair deal and will be protected during the entire purchase transaction.