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Looking to purchase a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

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 good deals?

Sometimes. Most people hear the phrase "short sale" and routinely think of a seller that is in default and needs to sell their property quickly to avert further financial problems. This is at times 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 declined. In cases such as these the discounted price may in fact be in line with current market values rather than below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a qualified real estate agent from Fred Thorne Realty LLC to support your research of a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you make a decision about how much to offer.
  • Use a real estate professional with short sale experience. Fred Thorne Realty LLC can help expedite the transaction and make certain you're protected. Don't allow inexperience to delay 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 usually take longer than a typical real estate transaction. Be aware 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 sale terms. Commonly, your offer will be presented to 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 up for negotiation when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Fred Thorne Realty LLC, when I write an offer, I will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it's a short sale or a typical home sale, Fred Thorne Realty LLC can help you. Apply my experience and knowledge of real estate to be certain you are getting a fair deal and will be protected during the entire deal.

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