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What's a Short Sale?

Are you a Canadian looking to make a deal on a short sale?

If a seller owes more on their home than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed. For more information, just contact us through my site or e-mail us.  We're glad to address any questions you have regarding real estate short sales.

Can a Canadian get a bargain on a short sale?

From time to time, yes. Most Canadians hear the words "short sale" and automatically think of a seller that is in default and must sell their property quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a Canadian buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the discounted price may in fact be in line with actual market values rather than below.

What's involved in buying a short sale?
  • Always do your homework before making any offers. Using a knowledgeable REALTOR® from HomeSmart International Realty to help you research a property can help you make educated decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you decide how much to offer.
  • Get a REALTOR® with short sale expertise. The real estate agents at HomeSmart International Realty can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Put our knowledge and experience to work for you.

  • 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. Be aware that many 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. Commonly, your offer will be sent to a committee for approval which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At HomeSmart International Realty, when we write an offer, we are looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.
When it's time to buy, whether it's a short sale or a typical home sale, we are available for you. Apply our experience and knowledge of real estate to feel confident that you're getting a fair deal and are protected during the whole deal.
 
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2680 S. Val Vista Rd. 101 • Gilbert, AZ 85295
Phone: (480)242-2896 • info@CanadianHomesArizona.com :Email





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