Looking 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 the property, 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.

Can I get a good deal on a short sale?

From time to time, yes. Many people hear the words "short sale" and automatically think of a seller that is in trouble and needs to sell their home quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the discounted price may in fact be consistent with actual market values instead of below.

What's involved in buying 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 reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you determine how much to offer.
  • Get an agent with short sale knowledge. Coldwell Banker High Country Realty can assist you in expediting the transaction and make certain you're protected. Don't let inexperience slow down 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 generally take longer than a typical real estate transaction. Be informed that many short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. A lot of the time your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when dealing with a short sale. The lender will be selling the property just the way it is 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 Coldwell Banker High Country Realty, when I write an offer, I will be looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.
When you are ready to buy, whether it is 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 make sure you are getting a fair deal and remain protected during the full purchase transaction.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question

Featured Properties

No listings to display