Looking to buy a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.

Purchasing a short sale in Cornelius, North Carolina on your own is risky. Contact Southern Homes of the Carolinas for expert advice.

Are they good deals?

Every now and then a good deal will come along. Many people hear the words "short sale" and automatically think of a seller that is in default and needing to sell their property promptly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the discounted price may in fact be consistent with current market values, not below.

How do I buy a short sale?

  • Before you make any purchase offers, do your homework. Using a knowledgeable real estate agent from Southern Homes of the Carolinas to help you research a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you decide how much to offer.
  • Use a REALTOR® with short sale knowledge. Southern Homes of the Carolinas can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Put my experience and knowledge to work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Southern Homes of the Carolinas, when I write an offer, I will be looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.
When you're ready to buy, whether it be a short sale or a typical home sale, Southern Homes of the Carolinas is here to help. Utilize my experience and knowledge of real estate to feel confident that you are getting a fair deal and remain protected during the whole transaction.

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