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Want to make a deal on a short sale?

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

Purchasing a short sale in Murphy, North Carolina on your own is risky. Contact Coldwell Banker High Country Realty for expert advice.

Are they good deals?

Every now and then a good deal will come along. Many people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their house 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. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the discounted price may in fact be closer to current market values rather than below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using an experienced real estate professional from Coldwell Banker High Country Realty to help you research a property will help you make educated 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. Acquiring this data can help you decide how much to offer.
  • Get an agent with short sale knowledge. Coldwell Banker High Country Realty can help expedite the transaction and ensure that you're protected. Don't allow inexperience to hold up 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 probably take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Coldwell Banker High Country Realty, when I write an offer, I am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
When you are ready to buy, whether it's a short sale or a typical home sale, Coldwell Banker High Country Realty is available for you. Utilize my experience and knowledge of real estate to be certain you're getting a fair deal and protect yourself during the whole matter.

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