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Ready to purchase 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. If you have questions regarding real estate in Cornelius, North Carolina, contact me here or e-mail me.

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

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Many people hear the term "short sale" and automatically think of a seller that is in default and needs to sell their home promptly to avoid 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 fallen. In cases such as these the reduced price may in fact be closer to true market values, not below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a qualified real estate professional from Southern Homes of the Carolinas to help you research a property will help you make knowledgeable decisions. We can help discover 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.
  • Get an agent with short sale knowledge. Southern Homes of the Carolinas can assist you in expediting the transaction and make certain you're protected. Don't let inexperience delay the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be seen by a committee to approve, 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 buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Be sure you 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 am looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it's a short sale or a typical home sale, Southern Homes of the Carolinas is here to help. Apply my experience and knowledge of real estate to make sure that you are getting a fair deal and will be protected during the complete transaction.

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