How to buy a short sale property

Buying short sales is similar to buying properties from a private party except that the offer gets submitted to the seller’s lender for approval after the sellers accept it. Obtaining this approval and walking your offer through the proper channels at the seller’s bank is not a job for first-time agents. Many short sale offers fall through because of inexperienced handling of the offer, so it is important to have experience on your side. At Blue and Gold Realty, we have years of experience in obtaining approval for short sale offers.

Negotiating with the lender is a key part of the process, because even though you may have an offer that has been accepted by the seller, the bank is the party with the capital at risk in the transaction.  They will obtain a “BPO” or Broker Price Opinion, which is similar to an appraisal. If that BPO comes back far above your offer, they may attempt to negotiate with you. You need to have someone negotiating on your side who knows the banks’ strategies and can represent you effectively.

Contact Us to obtain more information on buying short-sale real estate.