Want to make a deal on a short sale?

A short sale happens when the seller's lender has agreed to accept a reduced sum to release a mortgage. For more information, you can contact me through my site or e-mail me. I'm happy to answer questions you have regarding real estate short sales.

Purchasing a short sale in Puyallup, Washington on your own is risky. Contact FirstPoint Real Estate for expert advice.

Can I get a good deal on a short sale?

Sometimes. Most people hear the term "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their property quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be closer to current 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 FirstPoint Real Estate to support your research of a property will help you make knowledgeable 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. Finding this data can help you make a decision about how much to offer.

  • Use a real estate professional with short sale expertise. FirstPoint Real Estate can help expedite the transaction and make sure you're protected. Don't allow inexperience to slow down the closing process. Put my 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 many short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. Commonly, your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when dealing with a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At FirstPoint Real Estate, when I write an offer, I am looking out for your interests first and foremost 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, FirstPoint Real Estate can help. Use my experience and knowledge of real estate to feel confident that you are getting a fair deal and protect yourself during the full deal.