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Want to buy a short sale?

When a homeowner owes more on their home than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due. For more information, you can contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales.

Purchasing a short sale in Gatesville, Texas on your own is risky. Contact Kristi's Properties for expert advice.

Are short sales bargains?

Every now and then a good deal will come along. Many people hear the words "short sale" and routinely think of a seller that is in trouble and needing to sell their property quickly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the reduced price may in fact be consistent with actual market values, not below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a qualified REALTOR® from Kristi's Properties to support your research of a property will help you make informed decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you make a decision about how much to offer.
  • Hire a REALTOR® with short sale experience. Kristi's Properties can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to delay 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 probably take longer than a typical real estate transaction. Be informed 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 terms of the sale. A lot of the time your offer will be presented to 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 typically not up for negotiation when dealing with a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Kristi's Properties, when I write an offer, I'm looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, Kristi's Properties is available for you. Utilize my experience and knowledge of real estate to make sure that you're getting a fair deal and will be protected during the whole purchase transaction.

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