Ready to purchase a short sale?

Can I get a good deal on a short sale?

The short answer is "sometimes". Often times people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house quickly to avoid further financial problems. This is occasionally 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 with their mortgage, but property values have fallen. In cases such as these the "bargain" price may in fact be consistent with actual market values, not below.

What's involved in buying a short sale?

• Always do your homework before making any offers. Using a qualified real estate agent from Southern Homes of the Carolinas to support your research of a property can help you make informed 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.

• Hire a REALTOR^® with short sale expertise. Southern Homes of the Carolinas can help expedite the transaction and make certain you're protected. Don't permit inexperience to hinder the closing process. Let my experience and knowledge 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. Know that a majority of short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Southern Homes of the Carolinas, when I write an offer, I'm looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.