Ready to buy a short sale?

A short sale means the homeowner's lender agrees to receive a reduced payoff to release a mortgage. Should you have questions about 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?

The short answer is "sometimes". Often times people hear the words "short sale" and automatically 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. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the reduced price may in fact be closer to actual market values rather than 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 Ender & Associates Realty to support your research of a property will help you make informed decisions. We can help reveal 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 data can help you determine how much to offer.
  • Hire a real estate agent with short sale expertise. Ender & Associates Realty can assist you in expediting the transaction and ensure that you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work for you.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that a majority of 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. A lot of the time 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 typically not negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure to reserve the right to perform inspections 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 will always advise you to make your offer contingent upon the results of the inspections.
When it's time to buy, whether it's a short sale or a typical home sale, Ender & Associates Realty is available for you. Use my experience and knowledge of real estate to be confident you're getting a fair deal and protect yourself during the complete purchase transaction.

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