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Want to purchase 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. For more information, simply contact me through my site or e-mail me. I'm happy to address questions you have about real estate short sales.

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

Are short sales bargains?

Occasionally. Many people hear the words "short sale" and instinctively think of a seller that is in financial trouble and must sell their property promptly to prevent 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 isn't delinquent with their payments, but property values have depreciated. In these cases the "bargain" price may in fact be closer to current market values rather than below.

How do I buy a short sale?

  • Before you make any purchase offers, do your research. Using a qualified real estate professional from Coldwell Banker High Country Realty to assist you with researching a property can help you make educated 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 info can help you decide how much to offer.
  • Get a REALTOR® with short sale expertise. Coldwell Banker High Country Realty can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to 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 many short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. Commonly, your offer will be presented to 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 normally not negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Make sure you 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 will be looking out for your interests first and will always recommend 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 that you're getting a fair deal and remain protected during the whole purchase transaction.

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