910.367.6396

Want to buy a short sale?

If a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed.

Purchasing a short sale in Sunset Beach, North Carolina on your own is risky. Contact Fred Thorne Realty LLC for expert advice.

Are short sales bargains?

From time to time, yes. Most people hear the words "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the discounted price may in fact be in line with current market values instead of below.

How do I buy a short sale?

  • Before you make any purchase offers, do your research. Using an experienced real estate professional from Fred Thorne Realty LLC to help you research a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you decide how much to offer.
  • Use a real estate agent with short sale experience. Fred Thorne Realty LLC can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to slow down the closing process. Let my 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 usually take longer than a typical real estate transaction. Know that a majority of 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 discounted price. In most cases your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Fred Thorne Realty LLC, when I write an offer, I'm looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.
When it is time to buy, whether it is a short sale or a typical home sale, Fred Thorne Realty LLC is here to help. Use my experience and knowledge of real estate to feel confident you're getting a fair deal and are protected during the complete transaction.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details