Looking to purchase a short sale?


	When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. Should you have questions about real estate in Goldsboro / Wayne County, North Carolina, contact me here or e-mail me.

Purchasing a short sale in Goldsboro, North Carolina on your own is risky. Contact Prudential The McMillen Real Estate Group for expert advice.

Are they good deals?

Sometimes. Many people hear the term "short sale" and routinely think of a seller that is insolvent and must sell their house promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the "bargain" price may in fact be closer to actual market values instead of below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using a knowledgeable REALTOR^® from Prudential The McMillen Real Estate Group to assist you with researching a property will help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this information can help you make a decision about how much to offer.
Use an agent with short sale knowledge. The real estate agents at Prudential The McMillen Real Estate Group can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience delay the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Know that many 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. Commonly, 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 generally not negotiable when buying a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Prudential The McMillen Real Estate Group, when we write an offer, we will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.

If you're ready to buy, whether it is a short sale or a typical home sale, Jeri Lynn Coker, with Prudential The McMillen Real Estate Group, is here to help. Use her experience and knowledge of real estate to be confident you are getting a fair deal and protect yourself during the whole matter.