Looking to make a deal on a short sale?

When a seller owes more on their house 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 due.

Purchasing a short sale in Lake Norman, North Carolina on your own is risky. Contact Southern Homes of the Carolinas for expert advice.

Can I get a bargain on a short sale?

From time to time, yes. Many people hear the term "short sale" and routinely think of a seller that is in default and needs to sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these cases the discounted price may in fact be closer to current market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a knowledgeable real estate professional from Southern Homes of the Carolinas to assist you with researching a property can help you make knowledgeable 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. Locating this information can help you determine how much to offer.
  • Hire an agent with short sale experience. Southern Homes of the Carolinas can help expedite the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Let my experience and knowledge 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 aware that many short sales will not close in 30 days or less. Remember that you're not only getting approval from 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 or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Southern Homes of the Carolinas, when I write an offer, I'm looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.
If you're ready to buy, whether it's a short sale or a typical home sale, Southern Homes of the Carolinas can help. Utilize my experience and knowledge of real estate to be certain you're getting a fair deal and will be protected during the entire purchase transaction.

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