Looking to buy a short sale?

When a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's due.

Purchasing a short sale in Fall River, Massachusetts on your own is risky. Contact EZ Home Search for expert advice.

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Most people hear the term "short sale" and routinely think of a seller that is insolvent and must sell their property fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In cases such as these the reduced price may in fact be consistent with true market values instead of below.

How do I buy a short sale?
  • Always do your research before making any offers. Using a qualified real estate professional from EZ Home Search to assist you with researching a property will help you make educated 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. Locating this info can help you make a decision about how much to offer.
  • Hire a real estate professional with short sale knowledge. The real estate agents at EZ Home Search can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Let our experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally 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 terms of the sale. A lot of the time your offer will go before 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 typically non-negotiable when buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At EZ Home Search, when I write an offer, I will be looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it's a short sale or a typical home sale, EZ Home Search is here to help. Utilize my experience and knowledge of real estate to be confident that you are getting a fair deal and are protected during the full process.

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