Ready to make a deal on a short sale?

	A short sale is when the homeowner's lender has agreed to get a reduced sum to release a mortgage. Should you have any questions about real estate in Barrington, Illinois, contact me here or e-mail me.

Are short sales bargains?

• Before making any purchase offers, do your homework. Using a qualified REALTOR^® from COLDWELL BANKER RESIDENTIAL BROKERAGE to support your research of a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting these facts can help you determine how much to offer.

• Get a real estate professional with short sale experience. The real estate agents at COLDWELL BANKER RESIDENTIAL BROKERAGE can help expedite the transaction and make sure you're protected. Don't let inexperience delay the closing process. Put our knowledge and experience to 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 a majority of short sales will not close in less than 30 days. 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. Commonly, your offer will be sent to 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 normally not negotiable when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At COLDWELL BANKER RESIDENTIAL BROKERAGE, when we write an offer, we will be looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.