Five Easy Steps To Finding The Perfect Short Sale

How to Find a Short Sale

Short sales are not new to the Real Estate front, but most definitely have increased in popularity over foreclosures since the start of the most recent recession. Since the decline of the market, many people, investors, brokers and homeowners alike have all turned to closing a short sale over a foreclosure. But for those who are new to the short sale game and are considering one, we are here to help. While we at Gilman provide as much knowledge and assistance as possible, we still want you to be informed about everything so you know what to expect. We have some tips on finding and securing a short sales.

Step One: Call an experienced real estate agent or agency that is well-versed on short sales and REO properties. It is important to obtain information from a reputable source, such as Gilman Management.

Step Two: Finance appropriately. It is very important to provide the agent with the criteria that best suits your needs. Here at Gilman we work with all types of REO properties and have an extensive collection of listings for everyone. While the agent or agency works on that, make sure you apply for loans if necessary. You want to be prepared when your offer is approved.

Step Three: Make sure you are aware of the market value. While short sales are known to be a bargain deal, make sure you check with your agent or agency to ensure you are getting the best ‘bang for your buck.’ Make sure to ask for a Comparative Marketing Analysis (CMA).

Step Four: Don’t forget the safety net. Check out the property. Have an inspector come in and assess any and all damages to the property ahead of time. Also,  it is imperative that you request an out of the contract for certain circumstances. Such situations include extensive and expensive damage to the property. You wouldn’t want the headache of being tied to a contract for a house that is in shambles, so protect yourself!

Step Five: Don’t settle. Keep your eyes open for the best possible listing. Keep up on your listing research. And if you contact Gilman, we can assure you, we will always be 100% honest with you every step of the way.

These points are essential in the short sale process. Just remember, short sales are the easier route, but it is important to stay on top of finances, the listing you are interested in, other potential listings, and the contracts involved. Good luck and happy short sale hunting!