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Ready to buy a short sale?

A short sale means the homeowner's lender consents to get a reduced sum to release a mortgage.

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

Are short sales bargains?

From time to time, yes. Many people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their property promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the "bargain" price may in fact be closer to current market values, not below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a knowledgeable real estate agent from Masterson Network to support your research of a property will help you make knowledgeable 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 data can help you decide how much to offer.
  • Get an agent with short sale knowledge. Masterson Network can assist you in expediting the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Know that many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent 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 usually not up for negotiation when dealing with a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Masterson Network, when I write an offer, I am looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it be a short sale or a typical home sale, Masterson Network is available for you. Apply my experience and knowledge of real estate to feel confident that you're getting a fair deal and are protected during the complete process.

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