You need somebody who is trained in the Short Sale process!!
If a homeowner owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. Should you have any questions about Short Sales in Edmond, Oklahoma City, or the surrounding area, contact me here or e-mail me.
Are short sales bargains?
Occasionally. Many people hear the words "short sale" and instinctively think of a seller that is in 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 do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the reduced price may in fact be consistent with current market values rather than below.
How do I buy a short sale?
Before making any purchase offers, do your homework. Using me as an experienced real estate agent from Redbud Realty & Associates to assist you with researching a property will help you make informed decisions. I 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. Locating these facts can help you decide how much to offer.
Use me as a real estate agent with short sale experience. I can help expedite the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Put my knowledge and experience to work for you.
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 aware that many short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be seen by a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are typically not negotiable when buying a short sale. The lender is 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 Redbud Realty & Associates, when I write an offer, I am looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.
If you're ready to buy, whether it's a short sale or a typical home sale, Redbud Realty & Associates can help you. Use our experience and knowledge of real estate to be confident you're getting a fair deal and protect yourself during the entire deal.
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515 S. Santa Fe, Suite 101 Edmond, OK 73003 Phone: Fax:
