Want 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 the property, it's called a short sale. Should you have questions regarding real estate in the Twin Cities area of Minnesota, contact me here or e-mail me.

Purchasing a short sale in Maple Grove, Minnesota on your own is risky. Contact Incentive Realty for expert advice.

Are they good deals?

Occasionally. Most people hear the term "short sale" and automatically think of a seller that is insolvent and must sell their property fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, 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 closer to actual market values, not below.

How do I buy a short sale?

Before making any purchase offers, do your homework. Using a qualified REALTOR^® from Incentive Realty to assist you with researching a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this information can help you decide how much to offer.
Use an agent with short sale experience. The real estate agents at Incentive Realty can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Let our experience and knowledge work for you.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Know that most short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be seen by 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 negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Incentive Realty, when we write an offer, we will be looking out for your interests first and foremost and will always suggest 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, Incentive Realty is here to help. Apply our experience and knowledge of real estate to feel confident you're getting a fair deal and will be protected during the whole matter.