Want to make a deal on a short sale?


	If a seller is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed. Should you have questions regarding real estate in Cornelius, North Carolina, contact us here or e-mail us.

Purchasing a short sale in Cornelius, North Carolina on your own is risky. Contact Hines & Associates Realty for expert advice.

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Most people hear the term "short sale" and routinely think of a seller that is in default and needing to sell their home quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In cases such as these the reduced price may in fact be in line with actual market values instead of below.

Are you ready to buy a short sale property?

Before you make any purchase offers, do your research. Using a qualified REALTOR^® from Hines & Associates Realty to help you research a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you make a decision about how much to offer.
Hire a real estate professional with short sale experience. The real estate agents at Hines & Associates Realty can help expedite the transaction and make certain you're protected. Don't allow inexperience to hinder the closing process. Put our knowledge and experience to work for you.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 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. Commonly, your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when buying a short sale. The lender will sell the property as seen 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 Hines & Associates Realty, when we write an offer, we are looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.

When you are ready to buy, whether it's a short sale or a typical home sale, Hines & Associates Realty can help you. Utilize our experience and knowledge of real estate to be certain that you're getting a fair deal and are protected during the whole purchase transaction.

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April 2012 Charlotte, NC Real Estate Market Statistics