Looking to buy a short sale?

A short sale is when the seller's lender has agreed to receive a reduced sum to release a mortgage. If you have any questions about real estate in Plainfield, Indiana, contact me here or e-mail me.

Purchasing a short sale in Plainfield, Indiana on your own is risky. Contact Homes By Cheryl  for expert advice.

Are short sales good deals?

The short answer is "sometimes". Often times people hear the words "short sale" and automatically think of a seller that is in default and needing to sell their property promptly 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. 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 instances the discounted price may in fact be closer to current market values, not below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using an experienced real estate professional from Homes By Cheryl to assist you with researching a property can help you make informed decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you make a decision about how much to offer.
  • Use a real estate professional with short sale experience. Homes By Cheryl can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Put my 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 usually take longer than a typical real estate transaction. Know that most 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 discounted price. Commonly, your offer will be seen by 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 not up for negotiation when dealing with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Homes By Cheryl, when I write an offer, I'm looking out for your interests first and foremost and will always advise you to 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, Homes By Cheryl can help you. Apply my experience and knowledge of real estate to be confident that you're getting a fair deal and remain protected during the entire matter.