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Looking to make a deal on a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. For more information, just contact me through my site or e-mail me. I'm happy to address any questions you have regarding real estate short sales.

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

Are short sales bargains?

Occasionally. Many people hear the words "short sale" and routinely think of a seller that is in default and needs to sell their house fast to prevent 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 is current with their mortgage, but property values have fallen. In these cases the reduced price may in fact be in line with actual market values, not below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a knowledgeable real estate agent from Remax Components to assist you with researching a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this info can help you determine how much to offer.
  • Get a REALTOR® with short sale experience. Remax Components can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that many short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. Commonly, your offer will go before a committee for approval, 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 working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Always reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Remax Components, when I write an offer, I will be looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it is a short sale or a typical home sale, Remax Components can help you. Apply my experience and knowledge of real estate to be confident you're getting a fair deal and remain protected during the complete matter.