Want to make a deal on a short sale?

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

Purchasing a short sale in Portland, Oregon on your own is risky. Contact Georgetown Realty for expert advice.

Are they good deals?

From time to time, yes. Most people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needs to sell their home fast to avert further financial problems. This is sometimes the case and can be an opportunity for a 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 depreciated. In these cases the "bargain" price may in fact be consistent with actual market values rather than below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a knowledgeable REALTOR® from Georgetown Realty to help you research a property will help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you determine how much to offer.
  • Hire a REALTOR® with short sale experience. Georgetown Realty can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Let my 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. Be aware that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Georgetown Realty, when I write an offer, I'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it's a short sale or a typical home sale, Georgetown Realty can help. Utilize my experience and knowledge of real estate to be certain you're getting a fair deal and protect yourself during the entire transaction.

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