Ready to buy 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. For more information, you can contact me through my site or e-mail me. I'm glad to address any questions you have about real estate short sales.

Purchasing a short sale in Murfreesboro, Tennessee on your own is risky. Contact Masterson Network for expert advice.

Can I get a good deal on a short sale?

The short answer is "sometimes". Most people hear the term "short sale" and automatically think of a seller that is in default and must sell their house promptly 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 is current, but property values have fallen. In these instances the reduced price may in fact be closer to actual market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a qualified real estate professional from Masterson Network to support your research of a property will help you make informed decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you determine how much to offer.
  • Hire an agent with short sale knowledge. Masterson Network can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience impede the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that a majority of short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. 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 normally not up for negotiation when working with a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Masterson Network, when I write an offer, I'm looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.
When you are ready to buy, whether it's a short sale or a typical home sale, Masterson Network can help. Apply my experience and knowledge of real estate to make sure you're getting a fair deal and remain protected during the whole purchase transaction.

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