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Want 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 a house, it's called a short sale.

Purchasing a short sale in Maryland, Maryland on your own is risky. Contact Remax Components for expert advice.

Are short sales good deals?

The short answer is "sometimes". Many people hear the term "short sale" and automatically think of a seller that is in trouble and must sell their home fast to avert further financial problems. This is at times 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 is current, but property values have depreciated. In these instances the reduced price may in fact be in line with true market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a qualified REALTOR® from Remax Components to support your research of a property can help you make educated decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this data can help you decide how much to offer.
  • Hire an agent with short sale expertise. Remax Components can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience impede the closing process. Put my experience and knowledge to work in your favor.

  • 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 aware that many 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. Commonly, your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are generally not negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Remax Components, when I write an offer, I am looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it be a short sale or a typical home sale, Remax Components can help. Use my experience and knowledge of real estate to be confident you are getting a fair deal and protect yourself during the full purchase transaction.