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Ready to purchase a short sale?

A short sale means the homeowner's lender agrees to collect a reduced payoff to release a mortgage. For more information, simply contact me through my site or e-mail me. I'm happy to answer any questions you have regarding real estate short sales.

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?

Every now and then a good deal will come along. Many people hear the words "short sale" and routinely think of a seller that is in default and needs to sell their home fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on 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 closer to current market values, not below.

What's involved in buying a short sale?

  • Prior to making any purchase offers, do your research. Using a qualified REALTOR® from Fred Thorne Realty LLC to help you research a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you determine how much to offer.
  • Use an agent with short sale experience. Fred Thorne Realty LLC can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to delay the closing process. Put my knowledge and experience to 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. Be informed that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be presented 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 typically non-negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Fred Thorne Realty LLC, when I write an offer, I am 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 it is time to buy, whether it's a short sale or a typical home sale, Fred Thorne Realty LLC can help you. Utilize my experience and knowledge of real estate to make sure that you are getting a fair deal and will be protected during the complete deal.

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