Short Sale Tips-
1) The seller/lender will not pay closing costs for the buyer. The seller/lender will pay for the title insurance and the closing fee. In most cases, the seller/lender will not pay the survey, appraisal, impact fees, tax service fee, flood certification, home warranty, or the processing fee.
2) Inspections reports are for buyer information only. No repairs will be made per an inspection report. These properties are “as is”.
3) These transactions may take 60-90 days for the lender to make a decision and close.
4) Write the highest and best offer because the lender will accept the offer that loses them the least amount of money.
5) The property is priced at a discount price that the lender may accept. The lender may counter at a higher price.
6) The buyer may have the utilities turned on in their name after the offer is accepted in order to do inspections and appraisal.
7) There is not a refund for any expenses incurred if the sale does not close.
8) If the buyer needs to be in a property at a certain time, this may not be the property for them.
9) If the buyer has the patience to wait, they will usually get a very good price on a property.
