Want to buy a short sale?

A short sale happens when the seller's lender agrees to receive a reduced amount to release a mortgage. Should 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 phrase "short sale" and automatically think of a seller that is in financial trouble and must sell their house quickly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the reduced price may in fact be in line with true market values instead of below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a qualified REALTOR® from Remax Components to assist you with researching a property can help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you make a decision about how much to offer.
  • Get a real estate agent with short sale expertise. Remax Components can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Put my knowledge and experience to work for you.

  • 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 less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Be 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 above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it be a short sale or a typical home sale, Remax Components is here to help. Apply my experience and knowledge of real estate to be confident you are getting a fair deal and will be protected during the full deal.