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Ready to make a deal on a short sale?

A short sale is when the seller's lender has agreed to accept a reduced payment to release a mortgage. If you have 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 instinctively think of a seller that is in default and must sell their property quickly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the reduced price may in fact be closer to current market values rather than below.

How do I buy a short sale?

  • Before making any purchase offers, do your homework. Using a knowledgeable REALTOR® from Coldwell Banker High Country Realty to assist you with researching a property can help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you determine how much to offer.
  • Use an agent with short sale knowledge. Coldwell Banker High Country Realty can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to slow down the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that most short sales will not close in 30 days or less. Remember that you're not only having to satisfy 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 warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Always 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 am looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.
When you're ready 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 be confident you're getting a fair deal and remain protected during the entire matter.

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