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Looking to purchase a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.

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?

Sometimes. Many people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needs to sell their house promptly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of 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 declined. In these instances the "bargain" price may in fact be closer to actual market values rather than below.

What's involved in buying a short sale?

  • Before making any purchase offers, do your homework. Using a qualified REALTOR® from Ender & Associates Realty to assist you with researching 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. Acquiring this data can help you make a decision about how much to offer.
  • Hire a real estate agent with short sale experience. Ender & Associates Realty can aid you in expediting the transaction and make certain you're protected. Don't let inexperience delay the closing process. Put my experience and knowledge to work in your favor.

  • 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. Know that many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. A lot of the time 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 usually not up for negotiation when working with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Always 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 first and foremost and will always advise you to make your offer contingent upon the inspection results.
When you're ready to buy, whether it is a short sale or a typical home sale, Ender & Associates Realty can help you. Apply my experience and knowledge of real estate to feel confident that you're getting a fair deal and protect yourself during the complete purchase transaction.

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