Want to make a deal on a short sale?


	When a seller owes more on their home than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. Should you have any questions about real estate in Statesville, North Carolina, contact me here or e-mail me.

Purchasing a short sale in Statesville, North Carolina on your own is risky. Contact Lori Marlow, ABR-Exit Home Team Realty for expert advice.

Are they good deals?

Sometimes. Most people hear the phrase "short sale" and routinely think of a seller that is insolvent and needs to sell their property fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of 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 declined. In these cases the "bargain" price may in fact be closer to current market values, not below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using an experienced real estate professional from Lori Marlow, ABR-Exit Home Team Realty to help you research a property will help you make educated decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you make a decision about how much to offer.
Hire a real estate professional with short sale knowledge. The real estate agents at Lori Marlow, ABR-Exit Home Team Realty can help expedite the transaction and make certain you're protected. Don't permit inexperience to hold up the closing process. Let our experience and knowledge work for you.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Know that many 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. It's not uncommon that your offer will go before 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 normally not up for negotiation when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Lori Marlow, ABR-Exit Home Team Realty, when we write an offer, we will be looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.

When you're ready to buy, whether it be a short sale or a typical home sale, Lori Marlow, ABR-Exit Home Team Realty can help you. Utilize our experience and knowledge of real estate to make sure you are getting a fair deal and will be protected during the full transaction.