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Ready to make a deal on a short sale?

If a homeowner owes more on their house than its value, they can sometimes get 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 Maryland, Maryland on your own is risky. Contact Remax Components for expert advice.

Are short sales bargains?

From time to time, yes. Most people hear the words "short sale" and automatically think of a seller that is in trouble and needing to sell their house quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the discounted price may in fact be in line with true market values, not below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a knowledgeable REALTOR® from Remax Components to help you research a property will help you make educated decisions. We can help find out 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.
  • Hire a REALTOR® with short sale experience. Remax Components can help expedite the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work for you.

  • 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 30 days or less. 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 be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when buying a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Be sure to 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 am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the inspection results.
When it is time to buy, whether it is a short sale or a typical home sale, Remax Components is available for you. Use my experience and knowledge of real estate to make sure you are getting a fair deal and protect yourself during the entire purchase transaction.