Ready to buy a short sale?

A short sale is when the homeowner's lender has agreed to accept a reduced payment to release a mortgage. Should you have any questions about real estate in Landrum, South Carolina, contact me here or e-mail me.

Purchasing a short sale in Landrum, South Carolina on your own is risky. Contact Mickey Hambright for expert advice.

Are short sales good deals?

From time to time, yes. Many people hear the words "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 cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the "bargain" price may in fact be in line with current market values rather than below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using an experienced REALTOR® from Mickey Hambright to help you research a property will help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you determine how much to offer.
  • Use a real estate agent with short sale expertise. Mickey Hambright can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up 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 many short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will go before 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 typically not up for negotiation when working with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Mickey Hambright, when I write an offer, I will be looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.
If you're ready to buy, whether it be a short sale or a typical home sale, Mickey Hambright can help you. Use my experience and knowledge of real estate to be certain you're getting a fair deal and are protected during the entire purchase transaction.