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Want to make a deal on a short sale?

If a seller 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 an amount less than what's due.

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 short sales bargains?

Sometimes. Many people hear the term "short sale" and routinely think of a seller that is in default and must sell their property quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these cases the discounted price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a qualified real estate agent from E Z Home Search Real Estate Inc. to help you research a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you make a decision about how much to offer.
  • Use a real estate agent with short sale knowledge. E Z Home Search Real Estate Inc. can help expedite the transaction and make certain you're protected. Don't let inexperience hinder 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 generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At E Z Home Search Real Estate Inc., when I write an offer, I'm looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.
When it's time to buy, whether it be a short sale or a typical home sale, E Z Home Search Real Estate Inc. is available for you. Use my experience and knowledge of real estate to feel confident you are getting a fair deal and protect yourself during the full deal.

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