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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. Should you have any questions about real estate in Fall River, Massachusetts, contact me here or e-mail me.

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

Are they good deals?

Occasionally. Often times people hear the term "short sale" and instinctively think of a seller that is in financial trouble and must sell their home quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the discounted price may in fact be closer to true market values instead of below.

How do I buy a short sale?

  • Before making any purchase offers, do your research. Using a knowledgeable real estate professional from E Z Home Search Real Estate Inc. to support your research of a property can help you make educated decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you make a decision about how much to offer.
  • Hire an agent with short sale expertise. E Z Home Search Real Estate Inc. can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Put my knowledge and experience to work for you.

  • Even in the best of situations and with an experienced real estate agent, 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 sale terms. It's not uncommon that your offer will go before 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 negotiable when dealing 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. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At E Z Home Search Real Estate Inc., when I write an offer, I am looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.
When you are ready to buy, whether it's a short sale or a typical home sale, E Z Home Search Real Estate Inc. is here to help. Use my experience and knowledge of real estate to make sure that you are getting a fair deal and will be protected during the full deal.

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