Looking to make a deal on a short sale?


	When a lender and a seller 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 Missoula, Montana on your own is risky. Contact Windermere Real Estate for expert advice.

Are short sales good deals?

Sometimes. Most people hear the term "short sale" and routinely think of a seller that is insolvent and must sell their house quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from 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 in line with actual market values instead of below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using a qualified real estate agent from Windermere Real Estate to support your research of a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you decide how much to offer.
Hire a real estate professional with short sale experience. The real estate agents at Windermere Real Estate can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to delay the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that most short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. Commonly, your offer will go before a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Windermere Real Estate, when we write an offer, we will be looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.

When it is time to buy, whether it's a short sale or a typical home sale, Windermere Real Estate can help. Apply our experience and knowledge of real estate to be confident that you're getting a fair deal and protect yourself during the full purchase transaction.