A short sale means the seller's lender has agreed to get a reduced payment to release a mortgage. Should you have questions regarding real estate in Folly Beach, South Carolina, contact me here or e-mail me.
Are short sales bargains?
The short answer is "sometimes". Often times people hear the phrase "short sale" and instinctively think of a seller that is in default and needing to sell their home fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be consistent with current market values instead of below.
Are you ready to buy a short sale property?
Before you make any purchase offers, do your homework. Using a qualified real estate agent from Randy and Ronnie Winks - Exit Realty The Tracey Group to help you research a property can help you make informed decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you decide how much to offer.
Get an agent with short sale knowledge. The real estate agents at Randy and Ronnie Winks - Exit Realty The Tracey Group can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hinder the closing process. Let our experience and knowledge work for you.
Even in the best of situations and with an experienced real estate agent, 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 satisfy the seller, but the lender must also agree to the discounted price. Commonly, your offer will be sent to 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 not up for negotiation when working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Randy and Ronnie Winks - Exit Realty The Tracey Group, when we write an offer, we will be looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, Randy and Ronnie Winks - Exit Realty The Tracey Group can help. Apply our experience and knowledge of real estate to feel confident you are getting a fair deal and protect yourself during the entire purchase transaction.
Randy and Ronnie Winks - Exit Realty The Tracey Group
