Ready to buy a short sale?

When a lender and a homeowner 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 Cary, North Carolina on your own is risky. Contact RE/MAX Performance for expert advice.

Are they good deals?

Every now and then a good deal will come along. Many people hear the term "short sale" and automatically think of a seller that is insolvent and needing to sell their house quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the "bargain" price may in fact be consistent with current market values rather than below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using a qualified real estate agent from RE/MAX Performance to assist you with researching a property will 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 data can help you decide how much to offer.
  • Use a real estate agent with short sale experience. RE/MAX Performance can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to delay the closing process. Put my 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 generally take longer than a typical real estate transaction. Be informed that a majority of 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. It's not uncommon that your offer will be presented 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 dealing with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At RE/MAX Performance, when I write an offer, I am looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, RE/MAX Performance can help. Utilize my experience and knowledge of real estate to make sure you are getting a fair deal and will be protected during the whole purchase transaction.

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