Looking to buy a short sale?


	A short sale means the seller's lender has agreed to accept a reduced payment to release a mortgage.

Purchasing a short sale in Huntley, Illinois on your own is risky. Contact HUNTLEY REALTY for expert advice.

Are they good deals?

Every now and then a good deal will come along. Most people hear the words "short sale" and automatically think of a seller that is insolvent and needs to sell their house promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the "bargain" price may in fact be closer to current market values rather than below.

Are you ready to buy a short sale property?

Always do your homework before making any offers. Using an experienced real estate agent from HUNTLEY REALTY to assist you with researching a property can help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you determine how much to offer.
Get a real estate professional with short sale knowledge. The real estate agents at HUNTLEY REALTY can help expedite the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Let our experience and knowledge work for you.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. A lot of the time your offer will be seen by a committee for approval which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when working with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At HUNTLEY REALTY, when we write an offer, we're looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.

When it is time to buy, whether it be a short sale or a typical home sale, HUNTLEY REALTY can help you. Apply our experience and knowledge of real estate to be certain that you're getting a fair deal and remain protected during the entire matter.