Want to make a deal on a short sale?

When a seller is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount 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 good deals?

From time to time, yes. Most people hear the words "short sale" and automatically think of a seller that is insolvent and needs to sell their home promptly to avoid further financial problems. This is occasionally 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 depreciated. In cases such as these the discounted price may in fact be closer to actual market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using an experienced real estate professional from Remax Components to support your research of a property will 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. Getting these facts can help you determine how much to offer.
  • Get an agent with short sale knowledge. Remax Components can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to delay 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 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 terms of the sale. In most cases your offer will be seen by 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 generally non-negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Be 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 suggest that you make your offer contingent upon the inspection results.
When you are ready to buy, whether it is a short sale or a typical home sale, Remax Components can help. Apply my experience and knowledge of real estate to be confident that you are getting a fair deal and remain protected during the whole transaction.