828-835-8500

Ready to purchase 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.

Can I get a bargain on a short sale?

Occasionally. Many people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needs to sell their home fast to prevent 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. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the "bargain" price may in fact be consistent with actual market values rather than below.

What's involved in buying a short sale?

  • Before making any purchase offers, do your homework. Using a qualified real estate agent 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. Having this info can help you decide how much to offer.
  • Use 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 allow inexperience to slow down the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best of situations, 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 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. 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 protection plans, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when dealing with a short sale. The lender will be selling the property as seen which means the lender isn't going to pay 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 suggest that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it be 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 confident that you are getting a fair deal and will be protected during the entire 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