Want to make a deal on a short sale?

If 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 an amount less than what's due. If you have questions regarding real estate in Mineral Wells, Texas, contact me here or e-mail me.

Purchasing a short sale in Mineral Wells, Texas on your own is risky. Contact Ender & Associates Realty for expert advice.

Are short sales good deals?

Occasionally. Often times people hear the words "short sale" and automatically think of a seller that is insolvent and needing to sell their home promptly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, 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 closer to current market values rather than below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a knowledgeable REALTOR® from Ender & Associates Realty to help you research a property will help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you make a decision about how much to offer.
  • Hire a real estate professional with short sale knowledge. Ender & Associates Realty can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Put my knowledge and experience to work for you.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Ender & Associates Realty, 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 are ready to buy, whether it's a short sale or a typical home sale, Ender & Associates Realty is available for you. Utilize my experience and knowledge of real estate to be confident that you are getting a fair deal and are protected during the full matter.

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