Dream Street Properties, LLC

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Buying a Short Sale A short sale is when a lender or bank is willing to allow a loan to be paid off for less than is owed on the loan balance. There are classes that Real Estate agents can take to certify them to be “Short Sale Specialist ”. Be careful of these "Experts" that have attended a 3 or 4 hour class since there is no "standard" way to do a short sale because every mortgage company and bank has their own procedure. The experience of your broker is more important than a quick class that an agent can take. Here are some things that you need to know about buying a short sale. 1. The advertised asking price of a short sale listing may NOT be a legitimate "Buy Now" price because many agents put low prices in fishing for short sale offers and the process may take from a few weeks to several months. 2. Read the lender required addendums to the contract VERY carefully because you are giving away many of your rights in many cases. The short sale properties are normally sold "As Is" and many do not provide a sellers property disclosure. All lenders have different procedures, so be careful! 3. ALWAYS GET OWNERS TITLE INSURANCE! You are buying a DISTRESSED property and the OWNERS title insurance is the only way to protect yourself from any addition liens on the property. There is a lot more involved in buying a short sale so if you would like the professional guidance of seasoned Real Estate Brokers with over 20 years of experience each, Give us a call. Jim and Judy Crawford Dream Street Properties, LLC 770-513-1503 -Call us toll free at 1-800-827-3836

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