Looking to make a deal on a short sale?

A short sale is when the homeowner's lender agrees to receive a reduced sum to release a mortgage. If you have questions about real estate in Colorado Springs, Colorado, contact me here or e-mail me.

Purchasing a short sale in Colorado Springs, Colorado on your own is risky. Contact Brian L. A. Wess for expert advice.

Can I get a bargain on a short sale?

From time to time, yes. Many people hear the term "short sale" and automatically think of a seller that is in default and needing to sell their property promptly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of 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 fallen. In these cases the discounted price may in fact be consistent with current market values, not below.

How do I buy a short sale?
  • Always do your homework before making any offers. Using a qualified real estate professional from Brian L. A. Wess to assist you with researching 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. Acquiring these facts can help you determine how much to offer.
  • Use a real estate agent with short sale expertise. The real estate agents at Brian L. A. Wess can help expedite the transaction and make sure you're protected. Don't permit inexperience to 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. Be aware that a majority of short sales will not close in the customary 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 discounted price. Commonly, your offer will be sent to 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 normally not negotiable when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. When we write an offer, we are looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it be a short sale or a typical home sale, Brian can help you. Use our experience and knowledge of real estate to be confident that you are getting a fair deal and will be protected during the full transaction.
protected during the full transaction.