Looking to purchase a short sale?


	When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

Purchasing a short sale in St. George, Utah on your own is risky. Contact Prudential St. George Realty / Ron Slane for expert advice.

Can I get a good deal on a short sale?

The short answer is "sometimes". Often times people hear the term "short sale" and instinctively think of a seller that is in trouble and needs to sell their home fast to avoid 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 depreciated. In these instances the reduced price may in fact be closer to true market values instead of below.

What's involved in buying a short sale?

Always do your research before making any offers. Using a qualified real estate agent from Prudential St. George Realty / Ron Slane to support your research of a property can help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you decide how much to offer.
Hire an agent with short sale experience. The real estate agents at Prudential St. George Realty / Ron Slane can aid you in expediting the transaction and make sure you're protected. Don't permit 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 probably take longer than a typical real estate transaction. Know 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 discounted price. It's not uncommon that your offer will go before a committee for approval which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when working with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Prudential St. George Realty / Ron Slane, when we write an offer, we are looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.

When it is time to buy, whether it is a short sale or a typical home sale, Prudential St. George Realty / Ron Slane can help. Utilize our experience and knowledge of real estate to feel confident that you are getting a fair deal and remain protected during the whole matter.