Ready to buy a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, 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 they good deals?

From time to time, yes. Most people hear the words "short sale" and automatically think of a seller that is insolvent and needs to sell their home fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these cases the reduced 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 assist you with researching a property can help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you decide how much to offer.
  • Hire an agent with short sale knowledge. Fred Thorne Realty LLC can assist you in expediting the transaction and make sure you're protected. Don't let inexperience slow down the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that most short sales will not close in 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 discounted price. A lot of the time your offer will be presented to 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 typically not up for negotiation when dealing with a short sale. The lender will be selling the property "as is" which means the lender will not be paying for repairs. Be sure you 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'm looking out for your interests first and will always advise you to 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, Fred Thorne Realty LLC can help. Utilize my experience and knowledge of real estate to feel confident that you're getting a fair deal and are protected during the whole process.

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