Looking to purchase a short sale?

A short sale happens when the homeowner's lender consents to receive a reduced sum to release a mortgage. Should you have any 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?

Every now and then a good deal will come along. Many people hear the words "short sale" and automatically think of a seller that is insolvent and needs to sell their house quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In cases such as these the discounted price may in fact be consistent with true market values, not below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a qualified real estate agent from Ender & Associates Realty to help you research a property can help you make informed decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you decide how much to offer.
  • Get a REALTOR® with short sale expertise. Ender & Associates Realty can aid you in expediting the transaction and make certain you're protected. Don't let inexperience hinder 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. Be aware that most short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Make 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'm looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it be a short sale or a typical home sale, Ender & Associates Realty can help you. Use my experience and knowledge of real estate to feel confident you are getting a fair deal and are protected during the complete transaction.

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