Want to make a deal on a short sale?


	If a seller owes more on their home than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's due. Should you have any questions regarding real estate in Honolulu, Hawaii, contact me here or e-mail me.

Purchasing a short sale in Honolulu, Hawaii on your own is risky. Contact Sandra Grenell for expert advice.

Are they good deals?

The short answer is "sometimes". Often times people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their property quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In cases such as these the "bargain" price may in fact be consistent with current market values instead of below.

What's involved in buying a short sale?

Always do your research before making any offers. Using a qualified REALTOR^® from Sandra Grenell to help you research a property can help you make informed decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you determine how much to offer.
Hire a real estate professional with short sale knowledge. The real estate agents at Sandra Grenell can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hold up the closing process. Put our experience and knowledge to 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. Know that a majority of short sales will not close in 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. 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 generally not negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Sandra Grenell, when we write an offer, we will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.

If you're ready to buy, whether it be a short sale or a typical home sale, Sandra Grenell is available for you. Utilize our experience and knowledge of real estate to make sure that you are getting a fair deal and protect yourself during the whole deal.