Looking to purchase a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. If you have questions about real estate in Cary, North Carolina, contact me here or e-mail me.

Purchasing a short sale in Cary, North Carolina on your own is risky. Contact RE/MAX Performance for expert advice.

Are short sales good deals?

Occasionally. Many people hear the term "short sale" and instinctively think of a seller that is in default and needs to sell their home quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to do well from 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 fallen. In cases such as these the discounted price may in fact be closer to true market values, not below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a knowledgeable real estate professional from RE/MAX Performance to help you research a property will help you make informed decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you determine how much to offer.
  • Get an agent with short sale experience. RE/MAX Performance can help expedite the transaction and ensure that you're protected. Don't permit inexperience to slow down 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 usually take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 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. Commonly, your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to have inspections 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 advise you to make your offer contingent upon the inspection results.
If you are ready to buy, whether it is a short sale or a typical home sale, RE/MAX Performance is here to help. Use my experience and knowledge of real estate to be certain that you're getting a fair deal and will be protected during the whole deal.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details
By checking the box, you agree that RE/MAX Performance may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.

English Spanish