Ready 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.

Purchasing a short sale in San Marcos, Texas on your own is risky. Contact ERA All Texas Realty for expert advice.

Are short sales good deals?

From time to time, yes. Most people hear the phrase "short sale" and instinctively think of a seller that is in default and needing to sell their property fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the "bargain" 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 REALTOR^® from ERA All Texas Realty to support your research of 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 this info can help you decide how much to offer.
Use a real estate agent with short sale knowledge. The real estate agents at ERA All Texas Realty can help expedite the transaction and make certain you're protected. Don't allow inexperience to hinder 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 usually take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time 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 usually non-negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At ERA All Texas Realty, when we write an offer, we're looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.

When it's time to buy, whether it's a short sale or a typical home sale, ERA All Texas Realty is available for you. Utilize our experience and knowledge of real estate to feel confident that you are getting a fair deal and remain protected during the full deal.