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Ready to purchase 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. If you have any questions regarding real estate in Maryland, Maryland, contact me here or e-mail me.

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

Can I get a good deal on a short sale?

From time to time, yes. Many people hear the term "short sale" and routinely think of a seller that is insolvent and must sell their home promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the reduced price may in fact be consistent with actual market values instead of below.

How do I buy a short sale?

  • Before making any purchase offers, do your homework. Using an experienced REALTOR® from Remax Components to support your research of a property can help you make educated decisions. We can help discover 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 make a decision about how much to offer.
  • Hire a real estate professional with short sale expertise. Remax Components can aid you in expediting the transaction and make certain you're protected. Don't let inexperience hold up 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 probably take longer than a typical real estate transaction. Be informed that many short sales will not close in 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 discounted price. Commonly, your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Make sure to reserve the right to have inspections 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 foremost and will always suggest that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it's a short sale or a typical home sale, Remax Components can help. Use my experience and knowledge of real estate to be confident that you're getting a fair deal and will be protected during the whole purchase transaction.