Want to buy a short sale?

If a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. If you have any questions about real estate in Sunset Beach, North Carolina, contact me here or e-mail me.

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 term "short sale" and instinctively think of a seller that is in 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 take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these instances the discounted price may in fact be closer to actual market values instead of below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a qualified real estate agent from Fred Thorne Realty LLC to help you research a property can help you make informed decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you decide how much to offer.
  • Use a real estate agent with short sale knowledge. Fred Thorne Realty LLC can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Put my experience and knowledge to 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. Know 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 terms of the sale. It's not uncommon that your offer will go before 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 usually non-negotiable when buying a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Be 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 will be looking out for your interests first and foremost and will always recommend 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. Use my experience and knowledge of real estate to make sure you're getting a fair deal and will be protected during the whole transaction.

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