Looking to make a deal on a short sale?

When a seller owes more on their house than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed. For more information, you can contact me through my site or e-mail me. I'm happy to address any questions you have regarding 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 they good deals?

The short answer is "sometimes". Many people hear the phrase "short sale" and instinctively think of a seller that is in default and must sell their home fast to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be consistent with actual market values rather than below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a qualified REALTOR® from Coldwell Banker High Country Realty to support your research of a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you make a decision about how much to offer.
  • Use an agent with short sale experience. Coldwell Banker High Country Realty can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to hinder the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of 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 discounted price. A lot of the time your offer will be sent 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 up for negotiation when buying a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Make sure to 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 above all else and will always advise you to make your offer contingent upon the inspection results.
When you're ready to buy, whether it's a short sale or a typical home sale, Coldwell Banker High Country Realty is available for you. Use my experience and knowledge of real estate to make sure you're getting a fair deal and will be protected during the complete process.

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