Ready to make a deal on a short sale?

When a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed. Should you have any questions regarding real estate in Murphy, North Carolina, contact me here or e-mail me.

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?

Sometimes. Often times people hear the term "short sale" and routinely think of a seller that is in default and must sell their house fast to avert 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. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the "bargain" price may in fact be consistent with actual market values instead of below.

How do I buy a short sale?

  • Prior to making any purchase offers, do your homework. Using a knowledgeable REALTOR® from Coldwell Banker High Country Realty to help you research a property will help you make knowledgeable 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. Obtaining this data can help you decide how much to offer.
  • Use an agent with short sale experience. Coldwell Banker High Country Realty can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience delay the closing process. Let my experience and knowledge work for you.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Know that most 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 discounted price. 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 non-negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Be sure you reserve the right to perform inspections 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 will always suggest that you make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, Coldwell Banker High Country Realty can help. Apply my experience and knowledge of real estate to feel confident you're getting a fair deal and protect yourself during the entire matter.

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