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Want to purchase a short sale?

When a seller owes more on their house than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed.

Purchasing a short sale in Fall River, Massachusetts on your own is risky. Contact E Z Home Search Real Estate Inc. for expert advice.

Can I get a bargain on a short sale?

Sometimes. Most people hear the words "short sale" and instinctively think of a seller that is in trouble and must sell their property quickly 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, but property values have fallen. In these instances the "bargain" price may in fact be consistent with true market values rather than below.

How do I buy a short sale?

  • Before you make any purchase offers, do your homework. Using a qualified real estate agent from E Z Home Search Real Estate Inc. to help you research a property can help you make informed 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. Finding this data can help you determine how much to offer.
  • Use a REALTOR® with short sale knowledge. E Z Home Search Real Estate Inc. can assist you in expediting the transaction and make certain you're protected. Don't let inexperience impede the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. In most cases your offer will be seen by 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 normally not negotiable when working with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At E Z Home Search Real Estate Inc., 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 inspection results.
If you are ready to buy, whether it is a short sale or a typical home sale, E Z Home Search Real Estate Inc. can help. Use my experience and knowledge of real estate to be confident you are getting a fair deal and are protected during the complete transaction.

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