Want to purchase a short sale?


	A short sale is when the homeowner's lender has agreed to receive a reduced sum to release a mortgage. If you have any questions about real estate in Dallas, Texas, contact me here or e-mail me.

Purchasing a short sale in Dallas, Texas on your own is risky. Contact Don Thomas Realty Group for expert advice.

Are short sales bargains?

The short answer is "sometimes". Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and needs to sell their property fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the "bargain" price may in fact be consistent with true market values instead of below.

How do I buy a short sale?

Always do your homework before making any offers. Using an experienced real estate agent from Don Thomas Realty Group to assist you with researching a property can help you make educated decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you determine how much to offer.
Use a real estate agent with short sale expertise. The real estate agents at Don Thomas Realty Group can aid you in expediting the transaction and make sure you're protected. Don't let inexperience hold up the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed 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 terms of the sale. A lot of the time your offer will be presented 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 usually non-negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Don Thomas Realty Group, when we write an offer, we're looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.

When you are ready to buy, whether it's a short sale or a typical home sale, Don Thomas Realty Group can help you. Utilize our experience and knowledge of real estate to make sure that you are getting a fair deal and will be protected during the full purchase transaction.