Want to make a deal on a short sale?

When a homeowner owes more on their home than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees 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 bargains?

Occasionally. Many people hear the term "short sale" and routinely think of a seller that is in trouble and needs to sell their home quickly 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. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In these instances the reduced price may in fact be closer to true market values, not below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using an experienced real estate agent from Ender & Associates Realty to assist you with researching a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you make a decision about how much to offer.
  • Get an agent with short sale experience. Ender & Associates Realty can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hinder the closing process. Put my experience and knowledge to work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, 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 less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Be 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 will be looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it's a short sale or a typical home sale, Ender & Associates Realty can help. Utilize my experience and knowledge of real estate to be certain that you're getting a fair deal and protect yourself during the complete transaction.

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