Ready to buy a short sale?

When a homeowner owes more on their home 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 a sum less than what's owed. For more information, simply 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.

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Often times people hear the words "short sale" and automatically think of a seller that is in default and must sell their house promptly to prevent 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 isn't delinquent with their payments, but property values have depreciated. In cases such as these the discounted price may in fact be consistent with true market values, not below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your research. Using a qualified REALTOR® from Remax Components to support your research of a property can help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you decide how much to offer.
  • Get a real estate agent with short sale knowledge. Remax Components can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to hinder the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only having to get 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 to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when buying a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Make sure you reserve the right to perform 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 advise you to make your offer contingent upon the results of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, Remax Components can help. Utilize my experience and knowledge of real estate to make sure that you're getting a fair deal and are protected during the full deal.