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Ready to purchase a short sale?

When a seller owes more on their house than its value, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed. For more information, simply contact me through my site or e-mail me. I'm glad to answer questions you have about real estate short sales.

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

Are short sales bargains?

From time to time, yes. Most people hear the term "short sale" and instinctively think of a seller that is in financial trouble and must sell their home fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the reduced price may in fact be closer to true market values rather than below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a qualified REALTOR® from Southern Homes of the Carolinas to help you research a property will help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you decide how much to offer.
  • Use a REALTOR® with short sale knowledge. Southern Homes of the Carolinas can help expedite the transaction and make certain you're protected. Don't allow inexperience to hold up the closing process. Put my knowledge and experience to work for you.

  • 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. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be presented to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are typically non-negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to perform 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 suggest that you make your offer contingent upon the inspection results.
When you are ready to buy, whether it's a short sale or a typical home sale, Southern Homes of the Carolinas is here to help. Use my experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the full deal.

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