Ready to purchase a short sale?


	A short sale happens when the seller's lender consents to accept a reduced payoff to release a mortgage. Should you have questions regarding real estate in Fayetteville, North Carolina, contact me here or e-mail me.

Purchasing a short sale in Fayetteville, North Carolina on your own is risky. Contact Coldwell Banker Advantage for expert advice.

Can I get a bargain on a short sale?

The short answer is "sometimes". Many people hear the term "short sale" and automatically think of a seller that is in default and must sell their house quickly to prevent further financial problems. This is sometimes 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 depreciated. In these instances the "bargain" price may in fact be consistent with actual market values instead of below.

What's involved in buying a short sale?

Always do your research before making any offers. Using a qualified real estate professional from Coldwell Banker Advantage to assist you with researching a property will help you make knowledgeable decisions. We can help discover 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 make a decision about how much to offer.
Hire a real estate agent with short sale knowledge. The real estate agents at Coldwell Banker Advantage can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to hold up the closing process. Put our 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 informed 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 sale terms. In most cases your offer will be presented to a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Coldwell Banker Advantage, when we write an offer, we're looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.

When it's time to buy, whether it be a short sale or a typical home sale, Coldwell Banker Advantage can help. Utilize our experience and knowledge of real estate to be certain you're getting a fair deal and are protected during the whole process.