Ready to make a deal on a short sale?

A short sale is when the seller's lender has agreed to accept a reduced payment to release a mortgage. If you have 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.

Are they good deals?

The short answer is "sometimes". Most people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their home promptly to avert 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 these cases the discounted price may in fact be in line with true market values rather than below.

Are you ready to buy a short sale property?

  • Before making any purchase offers, do your research. Using an experienced REALTOR® from Remax Components to assist you with researching a property can help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you decide how much to offer.
  • Hire an agent with short sale experience. Remax Components can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Let my experience and knowledge work for you.

  • 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. Know that most short sales will not close in the customary 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. It's not uncommon that your offer will be sent 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 typically non-negotiable when dealing with a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Remax Components, when I write an offer, I'm looking out for your interests first and will always advise you to 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. Apply my experience and knowledge of real estate to feel confident you're getting a fair deal and are protected during the complete deal.