Looking to purchase 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.

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Many people hear the words "short sale" and automatically think of a seller that is insolvent and needing to sell their house quickly to avert further financial problems. This is sometimes 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, but property values have fallen. In these instances the reduced price may in fact be in line with true market values instead of below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using an experienced real estate agent from Fred Thorne Realty LLC to help you research a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you determine how much to offer.
  • Get a real estate professional with short sale experience. Fred Thorne Realty LLC can help expedite 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 of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when working with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Always 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'm looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.
If you are ready to buy, whether it is 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 are getting a fair deal and are protected during the whole purchase transaction.

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