Want to make a deal on a short sale?

When 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.

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

Are short sales bargains?

From time to time, yes. Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on 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 cases such as these the "bargain" price may in fact be closer to current market values, not below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your research. Using a knowledgeable real estate agent from RE/MAX Performance to help you research a property can help you make informed decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you determine how much to offer.
  • Use a REALTOR® with short sale experience. RE/MAX Performance can help expedite the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be seen by a committee to approve or disapprove, 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 buying a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At RE/MAX Performance, when I write an offer, I will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it's a short sale or a typical home sale, RE/MAX Performance can help you. Utilize my experience and knowledge of real estate to be confident that you're getting a fair deal and remain protected during the full matter.

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