Looking to make a deal on a short sale?

A short sale happens when the homeowner's lender consents to accept a reduced sum to release a mortgage. Should you have questions regarding real estate in Davenport, Oklahoma, contact me here or e-mail me.

Purchasing a short sale in Davenport, Oklahoma on your own is risky. Contact All Seasons Realty for expert advice.

Can I get a good deal on a short sale?

Occasionally. Many people hear the term "short sale" and automatically think of a seller that is in default and needing to sell their house promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, 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 true market values rather than below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a qualified REALTOR® from All Seasons Realty to assist you with researching a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you decide how much to offer.
  • Hire a real estate agent with short sale expertise. All Seasons Realty can assist you in expediting the transaction and make certain you're protected. Don't let inexperience impede the closing process. Let my 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. Know that many short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At All Seasons Realty, when I write an offer, I will be looking out for your interests first and will always suggest 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, All Seasons Realty is here to help. Use my experience and knowledge of real estate to feel confident you're getting a fair deal and are protected during the complete process.

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