Ready to purchase a short sale?


	When a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. For more information, you can contact me through my site or e-mail me. I'm glad to answer any questions you have regarding real estate short sales.

Purchasing a short sale in Cedar Rapids, Iowa on your own is risky. Contact WHY USA Eastern Iowa Realty for expert advice.

Are short sales good deals?

Occasionally. Most people hear the term "short sale" and instinctively think of a seller that is insolvent and needs to sell their property quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most 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 fallen. In these cases the reduced price may in fact be consistent with current market values rather than below.

What's involved in buying a short sale?

Always do your research before making any offers. Using an experienced REALTOR^® from WHY USA Eastern Iowa Realty to help you research a property can help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you decide how much to offer.
Get a real estate agent with short sale knowledge. The real estate agents at WHY USA Eastern Iowa Realty can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up 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 probably 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 having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At WHY USA Eastern Iowa Realty, 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 you're ready to buy, whether it's a short sale or a typical home sale, WHY USA Eastern Iowa Realty is available for you. Use our experience and knowledge of real estate to be certain you are getting a fair deal and will be protected during the full matter.