Ready to make a deal on a short sale?

If 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.

Are they good deals?

Every now and then a good deal will come along. Most people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their house promptly to prevent 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 with their mortgage, but property values have depreciated. In these instances the "bargain" price may in fact be in line with true market values rather than below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using an experienced real estate professional from E Z Home Search Real Estate Inc. to support your research of a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this info can help you decide how much to offer.
  • Get a REALTOR® with short sale knowledge. E Z Home Search Real Estate Inc. can aid you in expediting the transaction and make sure you're protected. Don't let inexperience hold up the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. 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 protection warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when working with a short sale. The lender will sell 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 E Z Home Search Real Estate Inc., when I write an offer, I am looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.
When you're ready to buy, whether it is a short sale or a typical home sale, E Z Home Search Real Estate Inc. is available for you. Apply my experience and knowledge of real estate to make sure you're getting a fair deal and protect yourself during the complete process.

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