Looking to make a deal on a short sale?
|When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. If you have any questions regarding real estate in Abilene, Texas, contact me here or e-mail me.|
Are short sales bargains?
Occasionally. Often times people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their home fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the reduced price may in fact be closer to current market values, not below. How do I buy a short sale?
Always do your homework before making any offers. Using an experienced Realtor to support your research of a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you decide how much to offer.
Get a real estate professional with short sale knowledge. The real estate agents at Anew Realty Realtors can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Let our experience and knowledge 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 many short sales will not close in less than 30 days. 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 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 negotiable when working with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Anew Realty Realtors, when I write an offer, I am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections. If you are ready to buy, whether it's a short sale or a typical home sale, Anew Realty Realtors can help. Apply my experience and knowledge of real estate to be certain you're getting a fair deal and will be protected during the complete matter.