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Looking to purchase a short sale?

A short sale happens when the seller's lender has agreed to get a reduced amount to release a mortgage.

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 good deals?

The short answer is "sometimes". Most people hear the phrase "short sale" and automatically think of a seller that is in default and must sell their home quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have declined. In these instances the reduced price may in fact be in line with actual market values, not below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using a knowledgeable real estate professional from Coldwell Banker High Country Realty to assist you with researching a property will help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you make a decision about how much to offer.
  • Use a real estate agent with short sale experience. Coldwell Banker High Country Realty can help expedite the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Let my 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 most 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 sale terms. Commonly, your offer will be seen by 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 usually non-negotiable when working with a short sale. The lender will sell 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 the property inspected for pests, HVAC, electrical, and other critical areas. At Coldwell Banker High Country Realty, when I write an offer, I'm looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it is a short sale or a typical home sale, Coldwell Banker High Country Realty can help you. Use my experience and knowledge of real estate to be confident that you're getting a fair deal and are protected during the full matter.

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