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Ready to buy 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. Should you have any 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?

Occasionally. Often times people hear the term "short sale" and routinely think of a seller that is in financial trouble and needs to sell their home promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, 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 consistent with actual market values instead of 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 help you research a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you make a decision about how much to offer.
  • Use a REALTOR® with short sale expertise. Coldwell Banker High Country Realty can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to hold up 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 usually take longer than a typical real estate transaction. Be aware that many short sales will not close in the customary 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 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 usually non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections 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 foremost and will always advise you to make your offer contingent upon the results of the inspections.
When you are ready to buy, whether it is a short sale or a typical home sale, Coldwell Banker High Country Realty is here to help. Utilize my experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the whole transaction.

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