Want to purchase 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.

Purchasing a short sale in Virginia Beach, Virginia on your own is risky. Contact Long & Foster REALTORS® for expert advice.

Can I get a bargain on a short sale?

Sometimes. Many people hear the phrase "short sale" and automatically think of a seller that is in default and needing to sell their house quickly 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. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the reduced price may in fact be consistent with actual market values instead of below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using a knowledgeable real estate agent to help you research a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you decide how much to offer.
Get an agent with short sale experience. The real estate agents at Keller Williams® Realty can help expedite the transaction and make sure you're protected. Don't allow inexperience to slow down the closing process. Let our experience and knowledge work for you.
Even with an experienced real estate agent and under the best of situations, 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 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 sale terms. In most cases your offer will go before 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 typically non-negotiable when working with a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Keller Williams® Realty, when we write an offer, we are looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.

When it is time to buy, whether it's a short sale or a typical home sale, I can help. Use my experience and knowledge of real estate to be confident that you're getting a fair deal and are protected during the full purchase transaction.

Search Short Sales and Foreclosures

Tracy Turner - Keller Williams Realty - 1100 Volvo Parkway, Suite 200 - Chesapeake, VA 23320 - Office: 757-361-0106 - Cell: 757-270-6318 - My Fax: 866-509-1539 - Email: tracy.turner@kw.com Each Keller Williams is independently owned and operated.