Want to buy a short sale?

	A short sale means the homeowner's lender agrees to accept a reduced amount to release a mortgage. Should you have questions regarding real estate in Chicago, Illinois, contact me here or e-mail me.

Are they good deals?

• Always do your homework before making any offers. Using a knowledgeable real estate agent from American International Realty Corp. to help you research a property will 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. Getting this information can help you determine how much to offer.

• Use an agent with short sale experience. The real estate agents at American International Realty Corp. can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Let our experience and knowledge work in your favor.

• Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably 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 sale terms. A lot of the time your offer will be sent to 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 generally non-negotiable when buying a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At American International Realty Corp., when we write an offer, we will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.