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Short Sale Buyer |
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Ready to make a deal on a short sale?
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When a homeowner 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 a sum less than what's owed. If you have questions about real estate in Springboro, Ohio, contact me here or e-mail me. |
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Are they good deals?Sometimes. Often times people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their house fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the discounted price may in fact be consistent with current market values instead of below.
Are you ready to buy a short sale property?
- Always do your research before making any offers. Using a qualified real estate professional from Tiffanie Burney to support your research of a property will help you make informed decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you decide how much to offer.
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Hire a real estate agent with short sale experience. The real estate agents at Tiffanie Burney can help expedite the transaction and ensure that you're protected. Don't let inexperience slow down the closing process. Let our experience and knowledge work for you.
- 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. Be aware that most short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. Commonly, your offer will be presented 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 usually not negotiable when working with a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Tiffanie Burney, 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.
If you are ready to buy, whether it is a short sale or a typical home sale, Tiffanie Burney can help. Use our experience and knowledge of real estate to be confident you're getting a fair deal and protect yourself during the whole process.
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Tiffanie Burney 305 E. Central Ave. Springboro, OH 45066
Phone: Cell: Fax: Copyright © 2012 Tiffanie Burney
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