Want to make a deal on a short sale?


	A short sale is when the seller's lender agrees to collect a reduced payoff to release a mortgage.

Purchasing a short sale in Burnsville, Minnesota on your own is risky. Contact Marshall & Koopman REAL ESTATE for expert advice.

Can I get a good deal on a short sale?

Sometimes. Most people hear the words "short sale" and routinely think of a seller that is insolvent and needs to sell their house fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, 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 consistent with current market values rather than below.

Are you ready to buy a short sale property?

Before you make any purchase offers, do your homework. Using a knowledgeable REALTOR^® from Marshall & Koopman REAL ESTATE to assist you with researching a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you determine how much to offer.
Get an agent with short sale experience. The real estate agents at Marshall & Koopman can aid you in expediting the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Let our experience and knowledge work in your favor.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. A lot of the time your offer will go before a committee for approval which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender will sell the property "as is" 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 Marshall & Koopman, when we write an offer, we will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.

When it's time to buy, whether it be a short sale or a typical home sale, Marshall & Koopman is available for you. Apply our experience and knowledge of real estate to feel confident you're getting a fair deal and protect yourself during the entire transaction.