Looking to buy a short sale?

If a seller owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. 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 short sales bargains?

From time to time, yes. Most people hear the words "short sale" and instinctively think of a seller that is in trouble and needing to sell their property fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In cases such as these the reduced price may in fact be in line with actual market values rather than below.

What's involved in buying a short sale?
  • Always do your research before making any offers. Using a qualified real estate professional from ColdWell Banker High Country Realty to support your research of 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. Locating this info can help you decide how much to offer.

  • Get an agent with short sale experience. The real estate agents at ColdWell Banker High Country Realty can help expedite the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Put our experience and knowledge to work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that most 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. In most cases your offer will be seen by a committee to approve 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 buying 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 inspections for pests, HVAC, electrical, and other critical areas. At ColdWell Banker High Country Realty, when we write an offer, we are looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.
When you are ready to buy, whether it's a short sale or a typical home sale, ColdWell Banker High Country Realty is here to help. Utilize our experience and knowledge of real estate to feel confident that you're getting a fair deal and are protected during the complete matter.






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